Technical analysis update: WTI oil (29th April 2021)

As follow-up to previous idea on WTI oil published on 28th April 2021 we would like to upgrade our short term price target from 65 USD to 67.50 USD per barrel. Medium term price target is 70 USD per barrel. Bullish outlook is supported by climbing RSI and bullish crossover in DMI with subsequent revival of ADX action. MACD and Stochastic oscillator suggest burst toward upside.

Previous idea:

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:

Crude oil inventories fell 426 000 barrels, EIA reports.

Comment:

Price action remains choppy. However our price targets remain unchanged.

Trade active:

We updated this idea on 24th May 2021.