US OIL faces major resistance at $42.10, good to sell on rallies
Major resistance - $42.10 (200 day MA)
Major intraday support - $40.75
US Oil has made a double top around $41.78 and started to decline from that level. It is currently trading around $41.50.
Intraday trend is slightly weak as long as resistance $42.10 holds. Any break above $42.10 targets $43.50/$45.
On the lower side any break below $40.75 will drag the commodity down till $40/$39.77.
It is good to sell on rallies around $41.55-$41.60 with SL around $42.15 for the TP of $40.75/$39.80
Major intraday support - $40.75
US Oil has made a double top around $41.78 and started to decline from that level. It is currently trading around $41.50.
Intraday trend is slightly weak as long as resistance $42.10 holds. Any break above $42.10 targets $43.50/$45.
On the lower side any break below $40.75 will drag the commodity down till $40/$39.77.
It is good to sell on rallies around $41.55-$41.60 with SL around $42.15 for the TP of $40.75/$39.80
