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Add as a preferred source on Google FxWirePro:US Oil faces strong trend line resistance around $55.25, good to buy on dips Major resistance - $55.25 (trend line joining $51.64 and $54.48). Major support - $53.60 (trend line joining $54.24 and $53.39). US Oil breaks minor support $54.15 and jumped sharply till $55.21 at the time of writing. I…
By FxWirePro Team Jan 3, 2017, 9:59 AM UTC
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Major resistance - $55.25 (trend line joining $51.64 and $54.48).
Major support - $53.60 (trend line joining $54.24 and $53.39).
US Oil breaks minor support $54.15 and jumped sharply till $55.21 at the time of writing. It is currently trading around $55.05.
On the higher side, any close above $55.25 will take the crude to next level till $55.70/$57.25 (161.8% retracement of $54.48 and $49.97).
The minor support is around $53.80 (100- HMA) and any break below will drag the commodity down till $53.35 (200- H MA).It is good to buy on dips around $54.55-$54.60 with SL around $53.80 for the TP of $57.25
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