US OIL breaks major resistance $40.80

April 12, 2016

Major resistance - $40.80 (trend line joining $50.91 and $41.87). Major support - $39 (7 day EMA). US Oil has broken major resistance $40.80 and jumped till $40.89. It is currently trading around 40.75.

Short term trend is bullish as long as support $39 holds. Any break above major resistance $40.80 will take the commodity to temporary top $41.87 (Mar 22nd 2016)/$42.73 (1.13% retracement of $41.87 and $35.22)/$45. On the lower side minor support is around $40 and break below targets $39/$38. Short term weakness can be seen only below $35 level.

It is good to buy at dips around $40.70-$40.75 with SL around $39.90 for the TP of $41.87/$42.73

Publication source
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