USOIL - Oil will continue to drift lower over medium/long term

2 ส.ค. 2022

We continue to be bearish on USOIL. Accordingly, we still maintain our price target of 90 USD per barrel of WTI oil. Indeed, we would like to change this price target from medium-term to short-term. Additionally, we would like to set a new long-term price target for USOIL at 80 USD.

Illustration 1.01

The sloping line acts as the resistance; the more touches it gains, the more important it grows.

Technical analysis - daily time frame
RSI is neutral. MACD is also neutral. Stochastic, DM+, and DM- are all bearish. Overall, the daily time frame is bearish.

Technical analysis - weekly time frame
RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish.

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.