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FxWirePro: US Oil downside capped by 161.8% retracement, good to buy above trend line

Major support - $42.83 (161.8% retracement of $44.40 and $46.94). Major resistance - $45 Pattern formed- Bullish Divergence (RSI(14) Us Oil has made a low of $42.95 and slightly recovered from that level. It is currently…

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FxWirePro: US Oil downside capped by 161.8% retracement, good to buy above trend line
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  • Major support - $42.83 (161.8% retracement of  $44.40 and $46.94).
     
  • Major resistance - $45
     
  • Pattern formed- Bullish Divergence (RSI(14)
     
  • Us Oil has made a low of $42.95 and slightly recovered from that level. It is currently trading around $43.16.
     
  • The major support is at $42.85 and any break below targets $42.30/$42 in the short term.
     
  • On the higher side ,minor resistance is $43.25 and any violation above $43.25 will take the oil to next level till $43.85/$44.

It is good to buy above $43.25 with SL around $42.83 for the TP of $43.85/$44

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