USOIL Will Go Up From Support! Long!

Please, check our technical outlook for USOIL.

Time Frame: 12h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish

The price is testing a key support 73.374.

Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 78.914 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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