Ichimoku (Hourly chart)
Tenken-Sen - $21.64
Kijun-Sen- $21.21
US oil has shown a massive recovery of more than $3 from a low of $19.25. It was one of the worst performers this year and lost more than 70% from minor top $65.62 made on Jan 8th, 2020. The decline was mainly due to price war and the spread of coronavirus which has affected global demand.
Technically, immediate resistance around $22.70-$22.76 (200- H EMA and 38.2% fib) and indicative break above targets $23.83/$25.
On the flip side, near –term support is around $21.10 and violation below will drag the oil down till $20/$19.25.
It is good to buy on dips around $21.50 with SL around $20.49 for the TP of $25.
