USOIL Faces Resistance: Bearish Trend if Pivot Retest Fails

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USOIL Technical analyze

• The price is currently below the pivot line at 71.78, indicating bearish sentiment. There is a possibility for a retest of the pivot area around 71.78 to 72.72. If the price fails to break and sustain above this area, it is likely to continue downward.
  
• If the retest confirms resistance at the pivot line, the price may move towards the support level around 68.79. A break below this level could further extend the bearish trend, targeting lower support zones.
  
  Best Direction:
• Bearish: If the retest fails and the price holds below 72.72, the direction favors a move toward lower support levels, beginning with 68.79.
  
• Bullish: If the price breaks and holds above 72.72, it may attempt to target higher levels, but this remains less likely under current conditions.
  The overall bias remains bearish unless the pivot area is decisively broken.
  
  Key levels:
  Pivot Line 70.90
  Resistance lines: 71.78, 72.72, 74.20
  Support Lines: 69.90, 68.80, 65.90
  
  Trend Outlook:
  - Bearish while Under 70.95 and 71.78
  - Bullish above 71.78

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USOIL Update

The price has dropped as anticipated, reaching 68.80. It is now stabilizing above this level, suggesting that the price may fluctuate between 68.80 and 70.50 until a breakout occurs.

For a bearish confirmation, a 4-hour candle must close below 68.80.