Technical analysis update: WTI oil (30th August 2021)

During the night USOIL peaked exactly at short-term resistance sitting at 69.60 USD. We will closely observe this short-term resistance in the following days. We will look for strength in the oil price and we will observe whether USOIL has an abillity to surpass this price level. In terms of technicals, stochastic is bullish. RSI is bullish but shows signs of flattening. MACD is also bullish. However, MACD is still in the bearish area. We remain bullish on WTI oil. Our price short term price target is 70 USD. Our medium term price target is 77.50 USD and our long term price target is 80 USD.

Prior developments from 26th August 2021:

Here we noted that if price of USOIL managed to hold above 65 USD it would be bullish.

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 has been reached.