US oil has shown a massive recovery yesterday after hitting a low of $50.85. The jump came after media reports that scientists are developing a vaccine for coronavirus. The commodity surged more than 3.5% and hits high $52.79 and is currently trading around $52.73. Markets eye EIA crude inventory report tomorrow for further direction.
Technically, near term resistance is around $53 and any indicative break above will take the commodity till $53.33/$54.10.
On the flip side, immediate support is at $51.98 (23.6% fib) and violation below targets $51.63/$51.09. Minor weakness only below $50.85.
It is good to buy on dips around $52.55-60 with SL around $52 for the TP of $54.10.
