USOIL Will Go Higher From Support! Long!

Please, check our technical outlook for USOIL.

Time Frame: 4h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish

The market is testing a major horizontal structure 74.238.

Taking into consideration the structure & trend analysis, I believe that the market will reach 76.410 level soon.

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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