Technical analysis update: WTI oil (2nd September 2021)

USOIL continues to trade just slightly below its short term resistance at 69.60 USD per barrel. In terms of technicals RSI is flattening but still bullish. MACD and Stochastic are also bullish. However, ADX is low which suggests no trend or very weak trend. We remain bullish on WTI oil. We expect WTI oil to surpass its short term resistance and restart its previous bullish trend. Our short term price target remains 70 USD. Our medium term price target is 77.50 USD and long term price target 80 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.

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