USOIL Technical Analysis: Weak Downtrend

USOil Technical Analysis Today, oil is trading in a weak downtrend, recording a high of $69.25 per barrel and a low of $68.08, with the current price at $69.14 per barrel. This trend reflects a weakness in the downtrend.

USOIL Technical Analysis Technical Analysis:

Price action indicates that oil is trading above the moving averages, indicating a weakness in the current downtrend. The MACD indicator is also showing weak negative momentum, which may enhance the chances of a recovery and a return to the price rise.

Forward Outlook:

If prices continue to trade above the moving averages, we may witness a positive trend shift. Any signs of a reversal of negative momentum should be monitored, which may indicate a possible recovery in prices in the short term.

USOil Technical Analysis

Trading strategies based on Buy/Sell level

USOIL In case of buying           in case of selling
Entry point 69.84 67.90
Target Point 1 (TP1) First resistance: 70.83 First support: 67.08
Target Point 2 (TP2) Second resistance: 71.40 Second support: 66.68
Stop Loss (SL) 67.90 69.84

 

The oil market appears to be in a volatile state, with signs of a weakening downtrend and positive prospects that could boost the chances of a recovery. It is important to follow future developments carefully, as they can significantly impact price movements.

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