Technical analysis update: USOIL (24th August 2021)

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USOIL rebounded from its recent low 2 days ago to over 67 USD today. This retracement from 61.76 USD is pretty significant as price soared above 65 USD price level which acted as siginificant support before the selloff. We mentioned in our previous post that if WTI oil manages to hold above 65 USD this would be particularly bullish developement for it. In recent trading sessions Stochastic gained bullish direction. In addition to that RSI reversed to the upside from oversold area below 30 points. At the same time MACD strives to turn bullish and follow RSI. However, we need to note that MACD still remains in the bearish territory and needs to be closely observed over the next few days. We are currently bullish on USOIL. Our medium price target remains 77.50 USD and long term price target remains 80 USD. Now as price retraced back above 65 USD we would like to set short term price target to 70 USD.

MACD daily timeframe:


Stochastic daily timeframe:


Prior developements from 18th August 2021:

Here we warned our readers that if price plunged below 65 USD then more selling was probable. As that happened we abandoned our short term price target of 70 USD. We also pointed out support level at 61.58 USD and discussed the possibility of fake breakout below 65 USD.

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.

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Short term price target has been reached.