USOIL Will Go Up From Support! Long!

Jan 31

Please, check our technical outlook for USOIL.

Time Frame: 2h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish

The market is on a crucial zone of demand 72.49.

The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 74.21 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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Feb 1

Note

I evaluated the trade and decided to keep it running!