US OIL breaks major trend line resistance, targets $39.35/$40
Major support - $36.80 (200 day 4HMA)
Major resistance - $38 (trend line joining $40.11 and $38.26)
US Oil has taken support near 200 day 4H MA and recovered from that level. It is currently trading around $38.16.
Short term trend is slightly bullish as long as support $36.80 holds.
On the lower side minor support is around $37.60 (55 day 4H EMA) and break below targets $37/$36.80.
Any break above $38 will take the WTI crude to next level around $38.55/$39.34/$40.
It is good to buy at dips around $38.10-$38.20 with SL around $37.55 for the TP of $39.34/$40
Major resistance - $38 (trend line joining $40.11 and $38.26)
US Oil has taken support near 200 day 4H MA and recovered from that level. It is currently trading around $38.16.
Short term trend is slightly bullish as long as support $36.80 holds.
On the lower side minor support is around $37.60 (55 day 4H EMA) and break below targets $37/$36.80.
Any break above $38 will take the WTI crude to next level around $38.55/$39.34/$40.
It is good to buy at dips around $38.10-$38.20 with SL around $37.55 for the TP of $39.34/$40
