Since our last update on oil, much has not changed. Therefore, we continue to be bearish on USOIL and stick to our short-term price target of 80 USD and a long-term price target of 70 USD. Our views are based on technical and fundamental factors we reiterated throughout 2022.
Illustration 1.01 Illustration 1.01 displays the daily chart of USOIL. Additionally, it shows two yellow arrows that indicate natural price retracements toward its 20-day SMA and 50-day SMA (which acted as a correction of the downtrend).
Technical analysis - daily time frame RSI, Stochastic, and MACD are bearish. DM+ and DM- are bearish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame RSI, Stochastic, and MACD are bearish. DM+ and DM- are bearish. Overall, the weekly time frame is bearish.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Trade closed: target reached
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Our short-term price target of 80 USD was reached today.