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FxWirePro: US oil breaks trend line resistance, jump till $60.50 till possible

Major resistance - $58.86

 

US oil is trading higher for 5th consecutive days on hopes of trade deal optimism and expectations of extended output cuts by OPEC. The prices have soared more than 10% in the past one -week and hit intraday high of $58.52 and are currently trading around $58.49.

 

The near term major resistance is around $58.86 and any violation above will take the oil price further till $60.50. Any major bullish continuation only above $60.50.

 

On the flip side, near term support is around $56.95 and any convincing break below will take the WTI crude to next level till $56.10-19/$55.49.

 

It is good to buy on dips around $58 with SL around $56.95 for the TP of $60.50.

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