USOIL Will Fall! Short!
Here is our detailed technical review for USOIL.
Time Frame: 8h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The price is testing a key resistance 77.328.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 73.131 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.
Oversold 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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