Major support -$47.07 US oil has taken support near 61.8% retracement and recovered till $49.59 from that level. It should break above $50 for minor bullishness. WTI crude has jumped almost $2.50 from the low of $47.07 o…
US oil has taken support near 61.8% retracement and recovered till $49.59 from that level. It should break above $50 for minor bullishness.
WTI crude has jumped almost $2.50 from the low of $47.07 on account of drop in US inventories by 237000 barrels compared with analyst expectations of 3.7 million barrels.
Short term trend is still bearish as long as resistance $52 holds.
On the lower side, any break below $47.07 will drag the commodity down till $45.63 (trend line joining $39.29 and $42.23).
The near term resistance is around $50.08 (38.2% retracement of $55.21 and $47.07) and break above targets $51.15 (21- day EMA)/$51.96 (61.8% retracement of $55.21 and $47.07).
It is good to sell on rallies around $49.10 with SL around $50.10 for the TP of $47.20/$45.70.
