US Oil breaks major trend line support $36.90, targets $35/$34.2
Major Support - $36.90 (trend line joining $26.03 and $29.03)
US oil has broken major support around $36.85 and declined till $36.21 at the time of writing. It is currently trading around $36.27.
Short term trend is slightly weak as long as resistance $37 holds.
Any break above $37 will take the commodity till $37.93/$38.67. Further bullishness only above $39.The minor resistance is around $36.60.
On the lower side any break below $36.90 confirms minor weakness, a decline till $34.23/$32.78 is possible.
It is good to sell on rallies around $36.45-$36.50 with SL around $37.05 for the TP of $35/$34.25
US oil has broken major support around $36.85 and declined till $36.21 at the time of writing. It is currently trading around $36.27.
Short term trend is slightly weak as long as resistance $37 holds.
Any break above $37 will take the commodity till $37.93/$38.67. Further bullishness only above $39.The minor resistance is around $36.60.
On the lower side any break below $36.90 confirms minor weakness, a decline till $34.23/$32.78 is possible.
It is good to sell on rallies around $36.45-$36.50 with SL around $37.05 for the TP of $35/$34.25