Technical analysis update: WTI oil (27th September 2021)

USOIl reached our short-term price target overnight. We continue to be bullish on WTI oil. Because of that we would like to change medium-term price target of 77.50 USD to short-term price target. Similarly, we would like to change long-term price target of 80 USD to medium-term price target. We would also like to set new long term price target to 90 USD per barrel.

Technical analysis
RSI continues to evolve its bullish structure. We will observe RSI closely in the following days and we will look for crossover into overbought territory (above 70 points). We expect this phenomenon to be accompanied by strong upside price action. Stochastic is also bullish as it oscillates in the upper area. In addition to that MACD is bullish too. ADX contains low value which suggests that trend is very weak at the moment. Despite that we remain bullish on USOIL and we expect bullish trend to resume soon.

Support and resistance
Short-term support sits at 73.11 USD. Major support level appears at 61.58 USD while major resistance level appears at 76.95 USD.

Here is our previous thought from 15th September 2021:

Here we did set short-term price target to 75 USD which was reached today overnight. We also layed out bullish case for USOIL.

Here is our previous thought from 3rd September 2021:

Here we did set short-term price target of 72.50 USD which was subsequently reached in two weeks.

Disclaimer: This analysis is not intended to encourage any 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 active:

Today USOIL traded as high as 76.65 USD (just 30 cents below major resistance level). We expect this resistance to be taken out within following days.

Trade active:

Resistance has been penetrated.

Trade closed: target reached:

Price target of 77.50 USD has been reached today.