FxWirePro: US Oil Faces Strong Resistance at $40.40, Good to Sell on Rallies

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

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