USOIL Is Very Bullish! Long!

Take a look at our analysis for USOIL.

Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish

The market is on a crucial zone of demand 73.546.

The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 79.365 level.

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.

Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.

Like and subscribe and comment my ideas if you enjoy them!