The interesting thing is that oil is in an incredibly strong trend and still there are so many people trying to pick a top, it is completely idiotic to sell short on a day like today where there aren't any signals of a possible (shortterm) reversal. Let's change the site to EliteGambler.
Not trying to pick a top as tops are hard to pick. Sell when overbought and buy oversold. Fundamentals of trading.....
Ok, I am willing to learn, how did you determine it was overbought, and I am not even disagreeing with you, however, people are posting trades every 30 seconds on here without giving detailed information why, target, stoploss, timeframe, etc. Once this information is given, than there can be a discussion on opinions which is the main purpose of a forum.
S/R levels as well as price action. Also daily range over past several days and the breakout today to the levels seen. Seemed to be holding that area (as seen by price action and can be seen as of writing) but now seems to be forming support there. If there is no pullback, we will see a continuation of new highs which has been the trend and nothing new.
Trading off of an "overbought/oversold" oscillator is a sure fire way to the poor house. You need to first IDENTIFY the TREND before using such an indicator. Being overbought in a Bull Market is extremely BULLISH. Vice-versa with being oversold in a Bear Market.