USOIL Will Go Lower From Resistance! Sell!

Please, check our technical outlook for USOIL.

Time Frame: 1h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is approaching a significant resistance area 73.02.

Due to the fact that we see a positive bearish reaction from the underlined area, I strongly believe that sellers will manage to push the price all the way down to 71.70 level.

P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.

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Trade closed: target reached:

That was an excellent trade and the target was reached too!