Major resistance - $51
Major support - $49.96 (100- 4H MA)
US Oil has once again slightly declined after jumping till $50.96 at the time of writing. It is currently trading around $50.79.
Short term trend is still bullish as long as support $49.96 holds.
On the higher side, any break above $51 will confirm minor bullishness, a jump till $51.91/$53 (161.8% retracement of $51.91 and $50.19 is possible.
The immediate support is at $49.96 and any break below will drag the commodity down till $49.12/$47.53 (200- 4H MA).
It is good to buy above $51 with SL around $49.96 for the TP of $53.
Major support - $49.96 (100- 4H MA)
US Oil has once again slightly declined after jumping till $50.96 at the time of writing. It is currently trading around $50.79.
Short term trend is still bullish as long as support $49.96 holds.
On the higher side, any break above $51 will confirm minor bullishness, a jump till $51.91/$53 (161.8% retracement of $51.91 and $50.19 is possible.
The immediate support is at $49.96 and any break below will drag the commodity down till $49.12/$47.53 (200- 4H MA).
It is good to buy above $51 with SL around $49.96 for the TP of $53.