WTI crude is trading weak, market eyes 55.73 level
Crude oil has broken major trend line support around 58.30 (trend line joining 47.05 and 58.10) and declined till 57.36.
Overall bullish invalidation can happen only below 55.73. Any break below that level will drag the pair further down till 54/49.88 (61.8% retracement of 42.03 and 62.58).
Short term bullishness only above 59 and break could extend gains till 60.25/60.85 in short term.
It is good to sell on rallies around 59 with stop around 60.26 for the target of 55.80.
Overall bullish invalidation can happen only below 55.73. Any break below that level will drag the pair further down till 54/49.88 (61.8% retracement of 42.03 and 62.58).
Short term bullishness only above 59 and break could extend gains till 60.25/60.85 in short term.
It is good to sell on rallies around 59 with stop around 60.26 for the target of 55.80.