US OIL breaks major trend line resistance ,targets $38.55/$39.30
Major resistance - $36.40 (trend line joining $39.82 and $39.01)
Major support - $36 (55 day EMA)
US Oil has broken major resistance $36.40 and jumped till $37.05 at the time of writing .It is currently trading around $37.
Short term trend is slightly bullish as long as support $36 holds.
On the higher side major resistance is around $37.30 (7 day EMA) and any break above this level will take the commodity further higher till $38.25/$38.55/$39.30 in short term.
Overall bearish invalidation only above $42.
The commodity on the lower side is facing major support around $36 and any break below targets $35/$34.70.
It is good to buy at dips around $36.90-$37 with SL around $36 for the TP of $38.55/$39.30
Major support - $36 (55 day EMA)
US Oil has broken major resistance $36.40 and jumped till $37.05 at the time of writing .It is currently trading around $37.
Short term trend is slightly bullish as long as support $36 holds.
On the higher side major resistance is around $37.30 (7 day EMA) and any break above this level will take the commodity further higher till $38.25/$38.55/$39.30 in short term.
Overall bearish invalidation only above $42.
The commodity on the lower side is facing major support around $36 and any break below targets $35/$34.70.
It is good to buy at dips around $36.90-$37 with SL around $36 for the TP of $38.55/$39.30
