Oil prices declined sharply on Friday biggest weekly falls since October on account of increase in U.S. crude production outpaced declining crude inventories. The commodity has broken major trend lien support at $63.35 a…
Oil prices declined sharply on Friday biggest weekly falls since October on account of increase in U.S. crude production outpaced declining crude inventories.
The commodity has broken major trend lien support at $63.35 and this confi9rms minor weakness, a decline till $62.28/$60.50 likely.
Minor bullishness can be seen only above $64. Any break above $64 will take the commodity till $6.75/$65. Major trend reversal only above $65.
It is good to sell on rallies around $63.45-50 with SL around $64 for the TP of $62.25/$60.60.
