Technical analysis update: WTI oil (24th May 2021)

WTI oil continues its choppy sideways price action. However, we still remain bullish and our targets remain unchanged. Our short term price target is 67.50 USD per barrel while our medium term price target is 70 USD per barrel. We expect demand to pick up over the summer as travel curbs will ease and people will start to travel more. In addition to that oil failed to fall on headlines of Iran coming back to the market. We interpret this as very bullish.

Comment:

These are our previous thoughts:

28th April 2021

29th April 2021

Comment:

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:

Oil trades just little bit below 1st resistance level. We believe that resistance will be taken out soon.

Trade closed: target reached:

Short term price target of 67.50 USD per barrel has been reached.