Technical analysis update: WTI oil (16th June 2021)

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USOIL reached our short term price target of 72.50 USD per barrel. Because of that we would like to update our thoughts on WTI oil. Moving averages and MACD remain bullish. However, price traveled too far from its 20-day Simple Moving Average. At the same time RSI reached overbought levels. Our medium term price target remains at 75 USD per barrel but we think in short term there is possibility of short lived correction that could take us back towards Support 2 level around 68 USD per barrel. However, we think bullish trend of higher degree will remain intact. This is because economic recovery is still in progress. Demand is expected to rise about 6 million bpd in 2021 and another 3 million bpd next year. Pre-pandemic demand was around 100.6 million bpd. Same level of demand is expected to be reached in second half of 2022.

Here are our thoughts from 9th June 2021:

Here are prior developements from 4th June 2021:

Here are more prior developements from 1st June 2021:

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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ملاحظة

Today we plunged below 70 USD per barrel.