USOIL Will Grow! Long!

Take a look at our analysis for USOIL.

Time Frame: 6h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish

The market is approaching a significant support area 77.77.

The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 79.45 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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Comment:

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