USOIL Will Go Lower From Resistance! Short!

Aug 28

Take a look at our analysis for USOIL.

Time Frame: 9h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is trading around a solid horizontal structure 74.743.

The above observations make me that the market will inevitably achieve 72.884 level.

P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.

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Aug 29

Note

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