Technicals

Add as a preferred source on Google

US OIL breaks major trend line resistance, targets $39.35/$40

Major support - $36.80 (200 day 4HMA) Major resistance - $38 (trend line joining $40.11 and $38.26) US Oil has taken support near 200 day 4H MA and recovered from that level. It is currently trading around $38.16. Short …

1 min read
US OIL breaks major trend line resistance, targets $39.35/$40
Image from the original EconoTimes article

Read the original article

  • Major support - $36.80 (200 day 4HMA)
     
  • Major resistance - $38 (trend line joining $40.11 and $38.26)
     
  • US Oil has taken support near 200 day 4H MA and recovered from that level. It is currently trading around $38.16.
     
  • Short term trend is slightly bullish as long as support $36.80 holds.
     
  • On the lower side minor support is around $37.60 (55 day 4H EMA) and break below targets $37/$36.80.
     
  • Any break above $38 will take the WTI crude to next level around $38.55/$39.34/$40.

It is good to buy at dips around $38 with SL around $37.55 for the TP of $39.34/$40

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560