Technical analysis update: USOIL (7th September 2021)

USOIL gave up some of its gains from the last week. Currently it trades just below upper bound of downward moving channel. We continue to monitor USOIL closely while we look for any strength and potential breakout above the upper bound of a channel. We think this would be bullish developement for USOIL and it would be followed by another breakout above the short term resistance. We remain bullish on WTI oil. Our short term price target is 72.50 USD and our medium term price target is 77.50 USD. Our long term price target is 80 USD.

Technical analysis
RSI is flattening. MACD has bullish direction but it remains in the bearish territory. We continue to observe MACD closely while we watch out for crossover above 0 points (to the bullish zone). We previously noted that we expect such developement to further bolster bullish case for USOIL. Immediate support/resistance sits at 69.60 USD. The short term resistance is around 70.50 USD while medium resistance is at 74.21 USD. Long term resistance is at 76.95 USD. Another important price level is at 65 USD. This level now acts as strong support. Then finally major support level sits at 61.58 USD.

Weekly chart:

Monthly chart:

Prior developements from 3rd September 2021:

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