USOIL Will Go Lower From Resistance! Short!

Take a look at our analysis for USOIL.

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

The price is testing a key resistance 58.309.

Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 54.034 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.

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