USOil Technical Analysis: Oil is currently trading in a weak uptrend, having retreated from today’s high of $74.02 to a low of $72.67, and is currently trading at $73.40.
USOIL Technical Analysis: Technical Analysis
Looking at the chart, we notice that prices are beginning to trade below the moving averages, indicating a weakness in the uptrend. In addition, the MACD indicator shows a decline in the strength of the positive trend, reflecting the lack of strong momentum in the uptrend.
Strengths and weaknesses in the analysis:
- Strengths:
The presence of a support level around $72.67 may prevent further declines.
The possibility of upward corrections in the short term.
- Weaknesses:
Trading below the moving averages indicates a weak trend.
The decline in the MACD indicator may indicate continued negative pressure on prices.
Forward Outlook:
Oil is expected to remain in a narrow range during the day, with the possibility of testing the support levels at $72.67. Traders should watch for any signals of a trend change or confirmation of a continued decline.
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 74.46 | 72.62 |
| Target Point 1 (TP1) | First resistance: 75.16 | First support: 71.62 |
| Target Point 2 (TP2) | Second resistance: 75.50 | Second support: 71.00 |
| Stop Loss (SL) | 72.62 | 74.46 |
While the analysis indicates a weakness in the uptrend, investors should follow price movements closely, as new opportunities may appear in the market.
