US Oil Breaks Major Trendline Resistance, Jump Till $38.55/$39.30 Is Possible
6 April 2016, 12:00
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US Oil Breaks Major Trendline Resistance, Jump Till $38.55/$39.30 Is Possible
- Major resistance - $36.40 (trend line joining $39.82 and $39.01)
- Major support - $36 (55 day EMA)
- US Oil has broken major resistance $36.40 and jumped till $37.05 at the time of writing .It is currently trading around $37.
- Short term trend is slightly bullish as long as support $36 holds.
- On the higher side major resistance is around $37.30 (7 day EMA) and any break above this level will take the commodity further higher till $38.25/$38.55/$39.30 in short term.
- Overall bearish invalidation only above $42.
- The commodity on the lower side is facing major support around $36 and any break below targets $35/$34.70.
It is good to buy at dips around $36.90-$37 with SL around $36 for the TP of $38.55/$39.30
The material has been provided by InstaForex Company - www.instaforex.com
