US Oil faces strong resistance at $42.40, break above targets $43.60/$45

• Major resistance - $42.40
   
• US Oil has made a high of $42.27 and slightly retreated from that level. It is currently trading around $41.40.
   
• The commodity has formed temporary bottom around $37.50 and recovered from that level. So any short term weakness only below $37.50.
   
• On the lower side major support is around $40.25 (200 day MA) any break below targets $39.50/$38.80/$38.The minor support is around $41.
   
• Any break above $42.40 will take the commodity till $43/$43.60/$45.28.

It is good to buy above $42.40 with SL around $41 for the TP of $45/$45.25