Pattern Formed – 2618 pattern US Oil has formed a temporary top around $50.40 and started to decline from that level. Crude decline till $46.44 on Aug 17th 2017 and is currently trading around $47.42. The commodity has s…
US Oil has formed a temporary top around $50.40 and started to decline from that level. Crude decline till $46.44 on Aug 17th 2017 and is currently trading around $47.42.
The commodity has shown a jump till 61.8% retracement and started to fall from that level. Short term trend is weak as long as resistance $48.80 holds.
Any violation above $48.80 will take the US Oil to next level till $50/$50.40. Overall bearish invalidation above $50.40.
On the lower side, $47 will be acting as near term support any break below will drag the oil down till $46.50/$45.57.
It is good to sell on rallies around $47.80-$47.90 with SL around $48.80 for the TP of $46.50/$46.
