US Oil breaks major support at $43, good to sell on rallies
Major support - $43
Major resistance - $44.50
US oil has broken major support $43 and declined till $42.56 yesterday. It is currently trading around $42.86.
Any break below $43 confirms minor trend reversal, a decline till $42/$40 is possible.
Short term trend reversal can happen only above $44.50 level. On the higher side any break above $44.50 will take the pair to next level around $45/$45.62.
Yesterday low ($42.56) will be acting as minor support and any break below targets $42/$40.
It is good to sell on rallies around $43-$43.10 with SL around $44.50 for the TP of $43/$40
Major resistance - $44.50
US oil has broken major support $43 and declined till $42.56 yesterday. It is currently trading around $42.86.
Any break below $43 confirms minor trend reversal, a decline till $42/$40 is possible.
Short term trend reversal can happen only above $44.50 level. On the higher side any break above $44.50 will take the pair to next level around $45/$45.62.
Yesterday low ($42.56) will be acting as minor support and any break below targets $42/$40.
It is good to sell on rallies around $43-$43.10 with SL around $44.50 for the TP of $43/$40