FXWIREPRO: US Oil Faces Strong Resistance Around $40, Good to Buy at Dips

FXWIREPRO: US Oil Faces Strong Resistance Around $40, Good to Buy at Dips

• Major resistance - $40 (trend line joining $41.85 and $41.22) 
• Major support - $38       
• The commodity has made a slight jump till $40.01 at the time of writing and slightly declined from that level. It is currently trading around $39.94. 
• On the lower minor support is around $39.35 (55 day 4H EMA) and any break below targets $38.90/$38. 
• Any break or close above $40 will take the commodity to next level till $41.20/$41.85. 
• Further bullishness can be seen if it breaks above $41.85 (temporary top) level.
  

It is good to buy at dips around $39.60-70 with SL around $38.90 for the TP of $41.22/$41.85

The material has been provided by InstaForex Company - www.instaforex.com