USOIL Will Go Down! Sell!

11 Jun

Here is our detailed technical review for USOIL.

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

The market is testing a major horizontal structure 77.66.

Taking into consideration the structure & trend analysis, I believe that the market will reach 72.82 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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