Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

US Oil recovers sharply on positive global cues, jump till $54 likely

US oil has shown a massive recovery yesterday after hitting a low of $50.85. The jump came after media reports that scientists are developing a vaccine for coronavirus. The commodity surged more than 3.5% and hits high $52.79 and is currently trading around $52.73. Markets eye EIA crude inventory report tomorrow for further direction.

 

Technically, near term resistance is around $53 and any indicative break above will take the commodity till $53.33/$54.10.

 

On the flip side, immediate support is at $51.98 (23.6% fib) and violation below targets $51.63/$51.09. Minor weakness only below $50.85.

 

It is good to buy on dips around $52.55-60 with SL around $52 for the TP of $54.10.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.