US OIL takes support near golden ratio, jump till $29.15 likely
Intraday Trend – Slightly Bullish
Major support - $26.60 (161.8% retracement of $29.38 and $33.57)
US OIL has taken support near 161.8% retracement (golden ratio) and jumped slightly from that level. It is currently trading around $27.05.
On the higher side minor resistance is around $27.65 and nay break above targets $28.34 (23.6% retracement of $33.57 and $26.70)/$29.15 (Feb 10th high).
Any break below $26.60 will drag the commodity down till $24.75/$23.
It is good to buy around $26.95 with SL around $26.50 for the TP of $28.35/$29.15
Major support - $26.60 (161.8% retracement of $29.38 and $33.57)
US OIL has taken support near 161.8% retracement (golden ratio) and jumped slightly from that level. It is currently trading around $27.05.
On the higher side minor resistance is around $27.65 and nay break above targets $28.34 (23.6% retracement of $33.57 and $26.70)/$29.15 (Feb 10th high).
Any break below $26.60 will drag the commodity down till $24.75/$23.
It is good to buy around $26.95 with SL around $26.50 for the TP of $28.35/$29.15