Ichimoku Analysis (Daily chart)
Tenken-Sen - $61.78
Kijun-Sen- $61.67
US Oil recovered slightly after the decline of more than 10% from temporary top $65.72 formed on Jan 8th, 2020. The jump mainly came on US-Iran geopolitical escalation but slight easing has dragged the oil prices sharply till $57.76. It is currently trading around $58.45.
On the flip side, oil has taken support near 200-day MA and shown a minor recovery of $58.53 level. Any major weakness can be seen if it closes below $57.75, a dip till $55 possible.
The near term resistance is around $58.89 (55- day EMA) and any violation above will take the oil to the next level till $59.25/$60.
It is good to buy on dips around $58.25-30 with SL around $57.75 for the TP of $60.
