FxWirePro
Long

US OIL breaks major resistance $40.80, targets $41.87/$42.73

FX:USOIL   Crude Oil (WTI)
438 0 6
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

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