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Short

USOIL faces strong resistance at $40.40, good to sell on rallies

FX:USOIL   Crude Oil (WTI)
362 3 9
Major Resistance - $40.40 (200 day MA)

The commodity has recovered after making a low of $37.56. It is currently trading around $39.83.

Short term trend is weak as long as resistance $40.40 holds. WTI crude should close above $40.40 for further up trend .

On the lower side major support is around $39.40 and break below targets $38.80/$38.25/$37.16 (55 day H EMA ).

Short term weakness only below $37.15.

It is good to sell on rallies around $39.95-$40 with SL around $40.650 for the TP of $38.80/$38.05
Do you have any analysis about Oil? I saw one about an inverted H&S but I can't find anymore...thanks in advance :-)
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I am doing right now
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MiDiGre PRO FxWirePro
Thanks a lot!
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