Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: US Oil forms Bearish pattern, good to sell on rallies

Harmonic Pattern- Bearish AB=CD Pattern

  • US oil has shown a minor dip after hitting high of $58.36. The main reason for minor dip is that Britain’s Forties pipeline in the North Sea is expected to start its operation on Jan. The commodity declined slightly $0.50. It is currently trading around $57.80.
     
  • US crude inventory came slightly better than expected on Wed. US crude stocks fell by 6.5 million compared to forecast of 3.6 million.
     
  • Technically, the pair is facing strong resistance at $59.02 and nay minor bullishness can be seen only above that level. Any break above will take the commodity till $60/$61.80.
     
  • On the lower side, near term support is around $57 and any violation below will drag the commodity till $55.79/$55.

It is good to sell on rallies around $58.30-35 with SL around $59.02 for the TP of $57/$56.

 

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.