FxWirePro: US Oil Faces Strong Intraday Resistance at $44.05, Good to Sell on Rallies
10 May 2016, 15:13
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FxWirePro: US Oil Faces Strong Intraday Resistance at $44.05, Good to Sell on Rallies
- Major Intraday resistance- $44.05 (55 H EMA)
- Major intraday support - $43
- US Crude has recovered slightly after making a low of $43.01 in Asian session .It is currently trading around $43.38.
- On the lower side any break below $43 will confirm minor weakness, a decline till $42.50 (26th Apr low)/$42.19 (50% retracement of $37.59 and $46.76)/$41.09.
- Any violation above $44.05 will take the US oil till $44.50/$45.32.
- Overall trend reversal only above $46.
It is good to sell around $43.30-$43.35 with SL around $44.05 for the TP of $42.19/$41.10.
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