USOIL Will Go Lower! Short!

8 Kas

Take a look at our analysis for USOIL.

Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is trading around a solid horizontal structure 71.22.

The above observations make me that the market will inevitably achieve 66.07 level.

P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.

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9 Kas

Not

Great beginning for a trade, let’s hope it goes further!