USOIL (WTI)

USOIL Technical Analysis – Key Support and Resistance Levels

USOIL (WTI Crude Oil) is currently trading near a strong support level at $70.00. This level has acted as a significant price floor, preventing further declines and indicating strong buying interest. The recent price action suggests a potential bullish move if the support holds.

Bullish Scenario:
If the price remains above $70.00, we can expect an upward movement toward the next resistance levels.
The first key resistance is at $71.200, where previous price action has shown selling pressure. A break above this level could confirm short-term bullish momentum.
If buying pressure continues, the next target would be $72.600, which is a stronger resistance zone where sellers might step in.
Bearish Scenario:
If USOIL fails to hold above $70.00 and breaks below it, this could signal further downside movement.