Technical analysis update: WTI oil (4th June 2021)

Technicals such as RSI, MACD and Stochastics are all bullish. In addition to that ADX shows signs of awakening. Price continues to rise and on 3rd June USOIL’s price reached 69.37 USD. We think there is high probabillity that USOIL will reach our short term price target of 70 USD within next week. Because of that we would like to update our medium term price target for USOIL to 72.50 USD.

Our thought from 1st June 2021:

Here we see that previous resistance was taken out. Prior resistance level currently acts as support.

Our thought from 24th May 2021:

Here are some prior developements.

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.

Trade closed: target reached:

Short term price target of 70 USD per barrel has been reached.