• Crude oil continuing its winning streak for eight days after hitting low of $42.03 on Jun 21st 2017. The rise in oil prices was mainly due to short covering and slight decline in U.S output.
   
• Oilfield services firm Barker Hughes reported its weekly U.S rig count to fell by 2 to a total of 756 and rig count is important barometer for oil drilling industry. But oil prices upside is limited as OPEC and its allies are struggling to control the oversupply.
   
• Technically, commodity has formed bullish crossover (10- MA and 14-MA) and confirm minor bullishness , jump till $50 likely. The near term resistance is around $48 (89- EMA) and any break above will take the crude oil till $50.22 (61.8% retracement of $55 and $42.03) and $51.97.
   
• On the lower side, major near term support is around $45.30 (21- EMA) and any brealk below wll drag the commodity down till $44.50 ( 10- MA)/$43.
  
  It is good to buy on dips around $46 with SL around $45.30 for the TP of $48/$50.