Chart pattern: Adam and Adam Double top pattern
US oil has formed almost a double top around $57.80 and shown a good selling from that level. It hits low of $55.55 and shown a minor recovery from that level. It is currently trading around $56.
The near term resistance is around $56.51 (20- 8H MA) and any break above will take the commodity to next level till $57/$57.17. Any violation above $57.17 will take the US oil to next level till $57.40/$57.85. Any bullish continuation only above $57.85.
On the lower side, near term major support is around $55 and any violation below will drag the commodity till$54.41/$53.77 (61.8% fib)/$53.13.
It is good to sell below $55 with SL around $55.51 for the TP of $53.15.
US oil has formed almost a double top around $57.80 and shown a good selling from that level. It hits low of $55.55 and shown a minor recovery from that level. It is currently trading around $56.
The near term resistance is around $56.51 (20- 8H MA) and any break above will take the commodity to next level till $57/$57.17. Any violation above $57.17 will take the US oil to next level till $57.40/$57.85. Any bullish continuation only above $57.85.
On the lower side, near term major support is around $55 and any violation below will drag the commodity till$54.41/$53.77 (61.8% fib)/$53.13.
It is good to sell below $55 with SL around $55.51 for the TP of $53.15.
Trade active:
It has broken majo support $55 after a long consolidation. Dip till $53.50 possible