Crude oil breaks minor trend line support, dip till $64 likely
Major resistance- $66.63. US oil declined slightly after jumping once again slightly above $66. It has broken minor trend line support $65.80 and declined till $65.69. The main reason for decline in oil price was due to …
US oil declined slightly after jumping once again slightly above $66. It has broken minor trend line support $65.80 and declined till $65.69. The main reason for decline in oil price was due to slight increase in US inventory. It is currently trading around $65.88.
EIA has reported US crude oil inventories increased by 6.8 million bbls compared to forecast of 0.1 million bbls.
Technically, the pair has formed a double top around $66.63 and any major bullishness can be seen only above that level. Any break above will take the commodity to next level till $67/$67.25.
On the lower side, near term support is around $65.27 (38.2% fibo) and any violation below will drag the commodity till $64.90 (233- H MA)/$64.
It is good to sell on rallies around $65.85-90 with SL around $66.65 for the TP of $64.90/$64.
