FxWirePro: US Oil Faces Strong Resistance at $44.50, Good to Sell on Rallies

FxWirePro: US Oil Faces Strong Resistance at $44.50, Good to Sell on Rallies

4 May 2016, 10:46
Roberto Jacobs
0
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FxWirePro: US Oil Faces Strong Resistance at $44.50, Good to Sell on Rallies

  • Major intraday resistance - $44.50 (200 day HMA) 
  • Major support- $43 
  • US Oil has recovered after making a low of $43.30. It is trading around $43.75. 
  • The commodity has broken minor resistance $43.65 (Hourly Tenken –Sen) and jumped till $43.77 at the time of writing. Crude should break above $44.50 (200 HMA) for further bullishness.  Any indicative break above $44.50 will take the pair to next level till $45.32/$46. 
  • US crude major intraday support is around $43 and any violation below $43 will drag the pair down till $42 (21 day MA) .Crude should close below $41.98 (21 day MA) for minor trend reversal. Any break below $41.98 will drag the commodity down till $40 (200 day MA).

It is good to sell on rallies around $43.85-$43.90 with SL around $44.50 for the TP of $43/$42.10

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