Technical analysis update: WTI oil (1st June 2021)

USOIL reached our short term price target of 67.50 USD per barrel. Currently, resistance sits at 67.94 USD. Technicals and fundamentals remain bullish. In adddition to that demand is expected to pick up over the summer. Because of these reasons we would like to update our short term price target to 70 USD per barrel.

Our previous thought from 24th May 2021:

Our previous thought from 29th April 2021:

Comment:

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 active:

Resistance at 67.94 USD has been taken out.

Trade closed: target reached