Technical analysis update: WTI oil (4th October 2021)

Today USOIL reached our short-term price target of 77.50 USD. Because of that we would like to update our thoughts on WTI oil. We continue to be bullish and we expect price to continue its rise. We would like to change medium-term price target of 80 USD to short-term price target. We would also like to set new medium-term price target to 82 USD. Our long-term price target remains 90 USD per barrel.

Technical analysis
MACD, Stochastic and RSI are all bullish. However, RSI penetrated 70 points to the upside and reached overbought condition. This development is normally followed with correction. Because of that we would not be surprised to see little correction in price towards 75 USD. ADX contains low value but continues to grow which suggests that trend is building up momentum. Overall we are bullish in long run on USOIL and we expect much higher price from here.

Support and resistance
Short-term support sits at 76.95 USD currently while closest resistance appears at 80 USD.

Track record over past month
Our previous thought from 27th September 2021.

Here we did set short-term price target to 77.50 USD which was reached today.

Our previous thought from 15th September 2021.

Here we did set short-term price target to 75 USD which was reached on 27th September 2021.

Our previous thought from 3rd September 2021.

Here we did set short-term price target to 72.50 USD which was reached on 15th September 2021.

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 rise above 79 USD pricetag. We remain bullish.

Trade active:

Idea was updated in the following post:

Trade closed: target reached:

Short-term price target of 80 USD has been reached.