USOIL Will Go Lower! Short!

3 Jan

Here is our detailed technical review for USOIL.

Time Frame: 45m
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is trading around a solid horizontal structure 69.98.

The above observations make me that the market will inevitably achieve 69.03 level.

P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.

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