Fxwirepro US Oil Downside capped by 38.2% Fibo, Good to Buy on Dips

  • Major support – $51.20 (38.2% retracement of $44.81 and $55.21)
     
  • Major resistance – $52.94 (200- 4H MA)
     
  • US Oil has shown high level of selling for the past four trading session after hitting high of $54.31 on Feb 2nd 2017.US oil declined till 51.20 and jumped slightly from that level. It is currently trading around $51.70.
     
  • On the lower side, major support stands at $51.20 and any violation below $51.20 will drag the oil down till $50.69/$49.99.
     
  • The major resistance is around $52.94 and any break above targets $54.31/$55.21. The immediate resistance stands at $52.28.

    It is good to buy on dips around $51.60-$51.65 with SL around $51.20 for the TP of $52.94/$54

The material has been provided by InstaForex Company – www.instaforex.com

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