USOil Technical Analysis Today’s oil price, in the global oil market, is trading at $69.70 per barrel. According to technical analysis, the current trend indicates a weak upward trend with prices trading above the moving average intersections, and the MACD indicator shows a positive trend
Accordingly, we can sell while waiting for the price to drop to $69.30, and we will target $68.81 per barrel as a target to take profits. To ensure risk control, it is recommended to place a stop loss point at $70.36 per barrel.
USOIL Technical Analysis: On the other hand
In case of breaking the buying zone at 70.36 per barrel, the additional support level at $70.73 per barrel can be targeted.
USOIL Technical Analysis: Resistance and support levels
- Second resistance: 70.22
- First resistance: 70.05
- Pivot level: 69.85
- First support: 69.68
- Second support: 69.48
