📊 USOIL 24th January 2025 Daily Analysis Based on Main Key Levels

Introduction

In the ever-evolving landscape of oil trading, understanding market dynamics is crucial for success. This blog provides a detailed analysis of USOIL, focusing on key support and resistance levels, along with actionable trade setups.

Current Market Overview

The current Daily Current Market Price (DCMP) for USOIL is 75.47.

Key Levels Summary

Resistance Levels Above DCMP (75.47)

🔺 Resistance 1: 76.01

🔺 Resistance 2: 75.89

🔺 Resistance 3: 76.56

Support Levels Below DCMP (75.47)

🟢 Support 1: 74.57

🟢 Support 2: 74.12

🟢 Support 3: 73.70

Swing Levels

📊 Swing High: 80.73

📊 Swing Low: 72.87

Trade Setup

💼 Intraday Buy Trade Setup

Entry Price: ✨ 74.57

Stop Loss: ❌ 74.00

Take Profit 1: 🎯 75.00

Take Profit 2: 🎯 75.89

Reason for Entry:

The support level at 74.57 is below the DCMP, indicating a strong buying opportunity. This level is reinforced by significant technical support, suggesting potential upward movement.

💼 Intraday Sell Trade Setup

Entry Price: ✨ 76.01

Stop Loss: ❌ 76.50

Take Profit 1: 🎯 75.89

Take Profit 2: 🎯 76.56

Reason for Entry:

The resistance level at 76.01 is just above the DCMP, providing a viable selling opportunity. This level coincides with key technical resistance, indicating potential downward movement.

Analysis Summary

Resistance and Support Levels: Key levels indicate potential reversal zones. Resistance levels are at 76.01, 75.89, and 76.56, while support levels are at 74.57, 74.12, and 73.70.

Swing Levels: The Swing High is at 80.73, and the Swing Low is at 72.87.

Pivot Levels: The pivot level is at 74.79, providing additional context for potential reversals.

Fibonacci Levels: Significant retracement and extension levels align with the identified support and resistance zones.

RSI Divergence: Indicates potential overbought conditions at resistance levels and oversold conditions at support levels.

MACD Crossing: Suggests bullish momentum at support levels and bearish momentum at resistance levels, confirming trade setups.

Conclusion

This analysis equips traders with essential insights and key levels to navigate the USOIL market effectively. With the current market price at 75.47, traders can leverage the outlined support and resistance levels, along with technical indicators, to make informed trading decisions. Stay tuned for further updates and analyses!