USOIL continues its struggle to move up. Current important level to watch is 65 USD. If this level fails to hold then more downside is probable. RSI is flattening out. MACD and Stochastic remain bearish. Despite that we still remain optimistic on higher price of WTI oil in the future. Our short term price target remains 70 USD, medium price target 77.50 USD and long term price target 80 USD.
Prior developements from 12th August 2021:
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
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Breakout below 65 USD leads to abandonment of our short term price target of 70 USD. Next important level to watch is 61.58 USD. We would like to observe price for next few days. It is still possible this might be just fake breakout below 65 USD as price continues to correct.
Trade active
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Price retraced much of its move down today. In addition to that USOIL closed back above 65 USD. It is possible that fake breakout took place and correction ceased with it. We will observe USOIL closely in next trading sessions. If price manages to hold above 65 USD it is potentionally bullish. In that case we would expect 70 USD pricetag for USOIL in the short term.
I'm watching it carefully also, but do u have any clear vision of what is next after this weird movement? appreciated buddy
Tradersweekly
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@khaledm279, Thank you for your comment. After this breakout I think 61.58 USD is next important level to watch. Hourly timeframe is very oversold at the moment. In terms of daily chart RSI, Stochastic and MACD are still bearish suggesting that correction is still in progress. For me this leads to abandonment of 70 USD as short term price target. Though I really want to see next few days. It is still possible that this might be just fake breakout to the downside from 65 USD price level. I would normally post other graphs in the idea but for some reason my snapshot function does not work at the moment. I contacted support about it. Hopefully I will be able to add more information to the idea.
heavy_assault
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oil is crazy overpriced, supply has recovered due opec is opening the flood gate
$50 incoming
Tradersweekly
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@heavy_assault, I am watching it closely too. After this 65 USD breakout I think 62 USD is possible but who knows it might also be fake breakout. Further than that I have no clue. Thank you for your comment.
ForexTrendline
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clean and simple, I love it! Keep up the good work!