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Oil in Global Economy Series

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U.S Oil trades above major resistance $29.05, jump till $31.50 is possible

Monday, February 15, 2016 6:25 AM UTC

Major resistance - $29.05 (7 day EMA)
Major support - $28.20
US oil has closed above $29.05 on Friday and jumped till $29.63. It is currently trading above $29.40.
Short term trend is bullish as long as support $28.20 holds. Any break below $28.20 will drag the pair till $27.40/$26.80.
Overall bearish invalidation can happen only above $31.90 (trend line joining $34.79 and $33.57)

It is good to buy at dips around $29.30-$29.35 with SL around $28.20 for the TP of $31.50

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Oil in Global Economy Series

U.S Oil trades above major resistance $29.05, jump till $31.50 is possible

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