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- Major support -$64.65.
- US oil formed a temporary top almost a double top around $66.63 and started to decline from that level. The main reason for decline in oil price was slight recovery in US dollar. The commodity declined till $64.64 at the time of writing. It is currently trading around $64.91.
- The number of rigs rose by 12 in the week of Jan 26th 2018 to 759, biggest weekly increase since Mar 2017. The rig count in the Permian region was highest since Nov 2013.
- Technically, the pair has formed a double top around $66.63 and any major bullishness can be seen only above that level. Minor bullishness can be seen above $65.60 (hourly Kijun-Sen) and any break above will take the commodity to next level till $66/$66.65.
- On the lower side, near term support is around $64.65 and any violation below will drag the commodity till $63/$62.51.
It is good to sell below $64.65 with SL around $$65.60 for the TP of $63.05/$62.51.
