FxWirePro Call Review: WTI target revised from $75 to $78 per barrel

In 2016, in an article named, “FxWirePro: WTI is likely to extend rally by another 10 percent”, available at http://www.econotimes.com/, we urged our reader to go long in WTI at the then current price of $48.2 per barrel, targeting $53.5 area.

However, as both the price actions as well as the positioning in the futures market (visible in COT report) strongly suggested that the WTI might extend the gains, in a subsequent article, named, “FxWirePro medium-term outlook: WTI target extended to $68 per barrel” available at https://www.vinsonfinancials.com/en/financial-news/1153472-fxwirepro-medium-term-outlook-wti-target-extended-to-68-per-barrel  we suggested to readers,

“Buy WTI at the current price of $50.4 per barrel and at dips with targets around $51.5, $53.5, $68 and finally $72 per barrel. The first target, which from the previous article mentioned above, has already been reached.”

 As after almost a year, WTI neared our forecasted targets, in a subsequent call review, https://www.econotimes.com/FxWirePro-Call-Review-WTI-target-extended-from-72-per-barrel-to-75-per-barrel-1251373 we extended our final target for the WTI from $72 to $75 per barrel.

And based on our latest calculations, we would like to extend the target further from $75 to $78 per barrel looking at the current geopolitical risks (Iran sanction, Houthi attacks on Saudi oil tankers, Venezuela’s dwindling production, Libya terrorist attacks) hanging over the oil market.