Technical analysis update: WTI oil (9th June 2021)

On 4th June 2021 we correctly predicted USOIL would reach 70 USD per barrel this week. Stochastics, RSI and MACD remain bullish. ADX shows signs of revival and DMI is also bullish. However, daily timeframe for USOIL nears overbought level. Though we think there is some upside left before correction. Because of that we would like to upgrade our short term price target for USOIL to 72.50 USD and our medium price target to 75 USD per barrel.

Our thoughts from 4th June 2021.

USOIL reached short term price target of 70 USD per barrel. This price level currently acts as support.

Some prior developements from 1st June 2021.

Prior developements from 24th May 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.

Trade attivo:

Be wary that today is OPEC meeting. We may see volatile price action for USOIL.

Trade attivo:

72 USD per barrel was taken out.

Trade chiuso: obiettivo raggiunto:

Short term price target of 72.50 USD per barrel has been reached.