Technical analysis update: WTI oil (22nd July 2021)

On 20th July 2021 USOIL halted its decline at 65.11 USD per barrel. Price traveled back to its short term simple moving average. Simultaneously, RSI reversed above 30 points, not piercing oversold line. This phenomenon tends to accompany strong trends of higher degree. In regards to oil it suggests that bullish trend of higher degree remains intact. MACD is flattening out. We think there are high odds of that correction ceased already. Our medium term price target remains 77.50 USD and our long term price target remains 80 USD per barrel.

Developements from 20th July 2021:
Here we announced that OPEC deal would be bullish in medium and long term for price of oil. This is mainly due to clearing out uncertainties about future supply boosts to the market. We also hinted at possibility of WTI oil going towards 65 USD under selling pressure. We also stated that any price below 67 USD per barrel would be attractive entry point for taking long position.

Prior developements from 5th July 2021:
Here we stated that we remain bullish despite increasing odds of correction. We set medium price target to 77.50 USD and long term price target to 80 USD.

More prior developements from 1st June 2021:
Here we correctly predicted move above resistance and subsequently reached our short term price target of 70 USD.

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.