Technical analysis update: USOIL (22nd June 2021)

On 16th June 2021 we said that we might see small and shortlived correction towards 68 USD per barrel. However, USOIL stopped its decline at 69.80 USD on 17th June 2021. Then it reversed back up and made a new peak. Our medium term price target remains at 75 USD per barrel. MACD, Stochastics and DMI are all bullish. Although, RSI remains in overbought zone. In addition to that RSI again shows signs of reversing to the downside. We think analysts should be cautious about this observation. It is possible that USOIL will drop again below 70 USD before finally going to 75 USD.

Here are our thoughts from 16th June 2021:

Here we said that price drop could send us to Support 2 around 68 USD per barrel.

Here are prior thoughts from 4th June 2021:

Here we outlined case for 70 USD and 72.50 USD pricetag.

More prior thoughts from 24th May 2021:

Our first idea from 28th April 2021:

Here we outlined case for 65 USD pricetag with simple use of moving averages.

Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.

أغلقت الصفقة: تم الوصول للهدف:

Price target of 75 USD per barrel has been reached.