FxWirePro: US oil faces strong support at $47, good to buy at dips
Major support - $47.05 (200 15 min MA) US oil recovered slightly from the low of $47.32 at the time of writing. It is currently trading around $48. Short term trend is slightly bullish as long as support $47.05 holds. An…
US oil recovered slightly from the low of $47.32 at the time of writing. It is currently trading around $48.
Short term trend is slightly bullish as long as support $47.05 holds. Any violation below $47.05 will drag the pair down till $46.60/$45.80 in the short term.
Short term bullish invalidation only below $45.80.
Any break above pschycological resistance $48 will take the Us oil to next level $48.60/$49.35/$49.97.
It is good to buy at dips around $47.85-$47.90 with SL around $47.05 for the TP of $49.30/$49.97
