USOIL Will Move Higher! Long!

2023年5月16日

Please, check our technical outlook for USOIL.

Time Frame: 3h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish

The market is on a crucial zone of demand 71.652.

Taking into consideration the structure & trend analysis, I believe that the market will reach 73.611 level soon.

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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