Our price targets of 100 USD and 95 USD were reached recently. Despite that, we continue to be bearish on USOIL. Accordingly, we still maintain our price target of 90 USD, which we would like to change from long-term to medium-term.
Illustration 1.01 Illustration 1.01 shows the daily chart of USOIL and two moving averages, 20-day SMA and 50-day SMA. These moving averages reflect the downtrend.
Technical analysis - daily time frame RSI and Stochastic are bearish. MACD is bearish too. DM+ and DM- are bearish. Overall, the daily time frame is bearish.
Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all 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.