Technical analysis update: USOIL (5th July 2021)

USOIL keeps rising. Technicals are reaching overbought zone and this could potentionally lead to shortlived correction. Despite increasing odds of correction we remain bullish. We actually think that if correction would to occur it could present itself with attractive entries for long side of the trade. Our new medium price target for USOIL to 77.50 USD per barrel. Our long term price target is 80 USD per barrel.

Here are prior thoughts from 22nd June 2021:

Here we did set price target of 75 USD which was reached few days later.

More thoughts from 9th June 2021:

Here we did set price target of 72.50 USD per barrel. Target was reached few days later.

More prior developements from 1st June 2021:

Here we did set price target of 70 USD per barrel. This target was reached few days later.

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.

Comment:

If correction occurs we expect it to fizzle out around 70 USD per barrel.

Comment:

Correction is taking place. Price plunged below 72 USD per barrel today.