USOIL Is Very Bullish! Buy!

7. Mai

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 approaching a significant support area 78.43.

The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 80.05 level.

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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