FxWirePro: US Oil Breaks Major Support at $43, Good to Sell on Rallies

FxWirePro: US Oil Breaks Major Support at $43, Good to Sell on Rallies

26 April 2016, 09:02
Roberto Jacobs
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FxWirePro: US Oil Breaks Major Support at $43, Good to Sell on Rallies

  • Major support - $43 
  • Major resistance - $44.50 
  • US oil has broken major support $43 and declined till $42.56 yesterday. It is currently trading around $42.86. 
  • Any break below $43 confirms minor trend reversal, a decline till $42/$40 is possible. 
  • Short term trend reversal can happen only above $44.50 level. On the higher side any break above $44.50 will take the pair to next level around $45/$45.62. 
  • Yesterday low ($42.56) will be acting as minor support and any break below targets $42/$40.

It is good to sell on rallies around $43-$43.10 with SL around $44.50 for the TP of $43/$40

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



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