USOIL Is Bearish! Short!

Here is our detailed technical review for USOIL.

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

The market is approaching a key horizontal level 86.44.

Considering the today's price action, probabilities will be high to see a movement to 84.27.

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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Comment:

I am confident in this trade so I will keep it open!