Waiting for the break of support or resistance to enter Oil
With a doji and near the day of thanksgiving candle, oil remains in indecision. Investors expect the weekly crude inventories variation to define a trend.
After the fall of previous weeks , the price had a slight technical rebound as it leaves the new level of USD42.50 as resistance .
The trend and bearish sentiment has not changed, but the upside breakout of USD42.50 could give room to rise to USD46 . Otherwise, break down the USD40 could bring the price to USD36 per barrel.
If the USD42.50 resistance breaks, you enter long to USD45.70 with stop loss at USD41.80. The break of USD40 to enter short with target USD37.40 and stop loss USD40.70.
After the fall of previous weeks , the price had a slight technical rebound as it leaves the new level of USD42.50 as resistance .
The trend and bearish sentiment has not changed, but the upside breakout of USD42.50 could give room to rise to USD46 . Otherwise, break down the USD40 could bring the price to USD36 per barrel.
If the USD42.50 resistance breaks, you enter long to USD45.70 with stop loss at USD41.80. The break of USD40 to enter short with target USD37.40 and stop loss USD40.70.