USOIL Will Go Up From Support! Buy!

Here is our detailed technical review for USOIL.

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

The market is approaching a key horizontal level 71.87.

Considering the today's price action, probabilities will be high to see a movement to 74.16.

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:

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