US Oil faces strong support at 200- HMA , good to sell on rallie
Major Intraday Support - $52.10 (Cloud bottom)
Major resistance - $52.67 (200- HMA)
US oil recovered slightly after making a low of $52.13 at the time of writing. It is currently trading around $52.52.
The commodity has taken support near cloud bottom and jumped till 200- HMA. WTI Crude should close above 200- HMA for further jump till $52.97/$53.47 (Jan 12th 2017 high).
On the lower side, any break below $52.10 will drag the commodity down till $51.75/$50.73 (Jan 11th 2017 low).
It is good to sell on rallies around $52.55-$52.60 with SL around $53 for the TP of $51.75/$50.80
Major resistance - $52.67 (200- HMA)
US oil recovered slightly after making a low of $52.13 at the time of writing. It is currently trading around $52.52.
The commodity has taken support near cloud bottom and jumped till 200- HMA. WTI Crude should close above 200- HMA for further jump till $52.97/$53.47 (Jan 12th 2017 high).
On the lower side, any break below $52.10 will drag the commodity down till $51.75/$50.73 (Jan 11th 2017 low).
It is good to sell on rallies around $52.55-$52.60 with SL around $53 for the TP of $51.75/$50.80
