WTI crude declined sharply after hitting fresh 8- month high at $65.62 yesterday. The huge spike came after Iran strikes missile at US forces in Iraq at al-Asad and Erbil. The commodity declined to $62.67 at the time of writing. It is currently trading around $62.79.
On the flip side, major support is at $62.15 ( 55 4H EMA) any violation beneath will drag the commodity to the next level $61.45/$60.61. Extraordinary weakness only under $59.25.
The near term resistance stands at $63.35 and a breakthrough target next level $64/$64.69/$65.62. Significant trend continuation only above $66.57.
It is good to sell on rallies around $63.35-40 with SL around $64.69 for the TP of $60.60.
