Candlestick Pattern- Evening star
Major resistance- $58
US oil has declined sharply after showing a good jump till $57.85. The previous high was around $57.79 made on Feb 22nd 2019 and on Friday oil jumped slightly above $57.79 started to show huge sell-off. It hits low of $55.60 and is currently trading around $56.04.
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.
The near term resistance is around $56.43 and any break above targets $57/$57.85. Any break above $58 confirms major trend reversal.
It is good to sell on rallies around $56.45-50 with SL around $57.05 for the TP of $55/$54.41.
Major resistance- $58
US oil has declined sharply after showing a good jump till $57.85. The previous high was around $57.79 made on Feb 22nd 2019 and on Friday oil jumped slightly above $57.79 started to show huge sell-off. It hits low of $55.60 and is currently trading around $56.04.
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.
The near term resistance is around $56.43 and any break above targets $57/$57.85. Any break above $58 confirms major trend reversal.
It is good to sell on rallies around $56.45-50 with SL around $57.05 for the TP of $55/$54.41.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.