USOIL – Holding Support or Preparing for a Drop? USOIL – Key Market Outlook & Trade Setup
WTI Crude Oil (USOIL) is trading near a critical pivot zone (71.78), struggling to break higher. The price action suggests a potential reversal or continuation, depending on upcoming confirmations.
🔼 Bullish Scenario:
If USOIL breaks and holds above 71.78, it may attempt to test 72.72.
A breakout above 72.72 could lead to further upside toward 77.37 in the coming sessions.
🔽 Bearish Scenario:
Failure to break 71.78 or rejection from the pivot zone could push the price lower.
A break below the ascending support trendline (around 68.50 - 68.00) could trigger a bearish continuation toward 67.03 and 63.50.
Historically, pullbacks have occurred at this level, so buyers may step in again if price reaches key supports.
📍 Key Levels to Watch:
🔸 Pivot Zone: 71.78
🔸 🔼 Resistance: 72.72 | 77.37 | 79.49
🔸 🔽 Support: 68.53 | 68.00 | 67.03 | 63.50
⚡ Market Outlook & Strategy:
Above 71.78, bulls may take control, aiming for 72.72+.
Below 71.78, the price could retest lower supports around 68.50 - 68.00 before deciding its next move.
The monthly resistance trendline remains intact, making it a crucial level for long-term traders.
