Technical analysis update: USOIL (22nd September 2021)

In recent days USOIL has been holding up relatively well in comparison to the general market. It currently trades around 71.30 USD. We forecast that positive developments in the airlines and the travel industry will drive demand higher over the next 6 months. Our short term price target remains 75 USD per barrel while our medium term price target is 77.50 USD. Our long term price target is 80 USD per barrel.

Technical analysis
RSI is bullish. MACD is also bullish. Stochastic oscillates in the bullish zone, however, it strives for reversal. ADX contains low value which suggests that trend is neutral. Despite that we remain bullish on USOIL and we expect resumption of bullish trend in close future.

RSI daily timeframe:

MACD daily timeframe:

Stochastic daily timeframe:

Support and resistance
Short term support sits around 70.50 USD. Another strong support appears around 65 USD while major support sits around 61.58 USD. Short term resistance sits at 73.11 USD. Medium term resistance sits at 74.21 USD and major resistance at 76.95 USD.

Disclaimer: This analysis is not intended to encourage any 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 active:

USOIL continues to climb up.

Trade active:

USOIL attacks short-term resistance.

Trade active:

We expect USOIL to reach our short-term price target following week.

Trade closed: target reached:

Short-term price target of 75 USD per barrel has been reached.