USOil Technical Analysis Today’s oil price, in the global oil market, is trading at $70.49 per barrel. According to the technical analysis, the current trend indicates a weak downtrend with prices trading above the moving average crossovers, and the MACD indicator shows a weak negative trend
Accordingly, you can sell while waiting for the price to drop to $69.78, and we will target $68.73 per barrel as a target to take profits. To ensure risk control, it is recommended to set a stop loss at $71.72 per barrel.
USOIL Technical Analysis: On the other hand
In the event of breaking the buy zone at $71.72 per barrel, the additional resistance level at $72.47 per barrel can be targeted.
USOIL Technical Analysis: Resistance and Support Levels
- Second Resistance: 70.83
- First Resistance: 70.83
- Pivot Level: 70.61
- First Support: 70.19
- Second Support: 69.99
