FxWirePro:US Oil downside capped by 38.2% fibo, good to buy on dips
Major support - $51.20 (38.2% retracement of $44.81 and $55.21) Major resistance - $52.94 (200- 4H MA) US Oil has shown high level of selling for the past four trading session after hitting high of $54.31 on Feb 2nd 2017…
Major support - $51.20 (38.2% retracement of $44.81 and $55.21)
Major resistance - $52.94 (200- 4H MA)
US Oil has shown high level of selling for the past four trading session after hitting high of $54.31 on Feb 2nd 2017.US oil declined till 51.20 and jumped slightly from that level. It is currently trading around $51.70.
On the lower side, major support stands at $51.20 and any violation below $51.20 will drag the oil down till $50.69/$49.99.
The major resistance is around $52.94 and any break above targets $54.31/$55.21. The immediate resistance stands at $52.28.
It is good to buy on dips around $51.60-$51.65 with SL around $51.20 for the TP of $52.94/$54
