Major resistance - $58.86
US oil is trading higher for 5th consecutive days on hopes of trade deal optimism and expectations of extended output cuts by OPEC. The prices have soared more than 10% in the past one -week and hit intraday high of $58.52 and are currently trading around $58.49.
The near term major resistance is around $58.86 and any violation above will take the oil price further till $60.50. Any major bullish continuation only above $60.50.
On the flip side, near term support is around $56.95 and any convincing break below will take the WTI crude to next level till $56.10-19/$55.49.
It is good to buy on dips around $58 with SL around $56.95 for the TP of $60.50.
