USOIL experienced a minor setback, trading at $84.77, down by 0.44%. Currently trading just above its pivot point of $84.68, USOIL faces immediate resistance levels at $86.63, followed by $87.63 and $88.53. Should the price advance past these markers, it could signal strengthening momentum. Conversely, if it dips below the pivot, support can be found at $83.62, $82.31, and $80.95, with a potential to intensify selling pressure if these levels are breached.
The 50-day Exponential Moving Average (EMA) is set at $85.33, suggesting slight bearish pressure as the price hovers below this level. Meanwhile, the 200-day EMA at $82.55 provides a longer-term bullish outlook, indicating that the overall trend may still favor the bulls. Traders should watch the $84.68 level closely; maintaining above this pivot could prevent a steeper decline and stabilize the price.