FxWirePro: US Oil Faces Strong Resistance at $40.40, Good to Sell on Rallies
- Major Resistance - $40.40 (200 day MA)
- The commodity has recovered after making a low of $37.56. It is currently trading around $39.83.
- Short term trend is weak as long as resistance $40.40 holds. WTI crude should close above $40.40 for further up trend .
- On the lower side major support is around $39.40 and break below targets $38.80/$38.25/$37.16 (55 day H EMA).
- Short term weakness only below $37.15.
It is good to sell on rallies around $39.95-$40 with SL around $40.650 for the TP of $38.8