US Oil chart on Trading View used for analysis
- US oil has pauses decline and is trading slightly higher on the day.
- WTI has retraced above 71 mark and is currently trading at 71.34.
- Price finds strong support at 55-EMA at 70.72, break below will see further weakness.
- Next major support below 55-EMA lies at daily cloud 69.85, breach there to see further downside. Dip till 200-DMA likely.
- On the flip side, failure to break below 55-EMA could see retrace.
Support levels - 71, 70.73 (55-EMA), 70
Resistance levels - 72.35 (21-EMA), 72.78 (5-DMA)
Recommendation: Watch out for break below 55-EMA to go short, SL: 72.35, TP: 69.20/ 69/ 67.98
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
