USOIL Will Go Lower! Sell!

9 Jul

Take a look at our analysis for USOIL.

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

The price is testing a key resistance 81.984.

Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 78.552 level.

P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.

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11 Jul

Catatan

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