Ichimoku Analysis (4-hour chart)
Tenken-Sen- $24.04
Kijun-Sen- $23.28
US Oil recovered sharply from an intraday low of $23.82 till $26.99 on OPEC meeting. The Saudi led group is set to meet on Monday through video conferencing including non-OPEC producers like Russia to stabilize the oil market. The rumors are going on that OPEC might cut oil production by 10 million barrels per day.
Technically, near term resistance is around $27.35 and any indicative break above will take the oil till $28/28.46 (Mar 20th high)/$29.80.
On the flip side, immediate support is around $25.45 and violation below targets $25/$24.51/$23.33.
It is good to buy on dips around $26.50 with SL around $25.50 for the TP of $28.45/$29.8
