US Oil Breaks Major Trend Line Resistance, Targets $39.35/$40

US Oil Breaks Major Trend Line Resistance, Targets $39.35/$40

8 April 2016, 10:35
Roberto Jacobs
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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 with SL around $37.55 for the TP of $39.34/$40

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



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