FxWirePro:WTI Crude oil Intraday Outlook

• Crude oil hits three week low on Friday at $46.72 on concerns of increasing shale gas production. The increase in shale gas production will derail the efforts made by other major producers to rebalance the supply.  The oil prices shown a minor jump after Saudi Arabia the world’s biggest oil exporter, Egypt and Bahrain cut ties with Qatar.
   
• WTI Crude has shown a minor jump till $48.39 and started to decline from that level. Intraday trend is weak as long as trend line resistance $48.45 (trend line joining $50.26 and $49.14). Any break above will take the crude oil price till $49.30 (200- H MA)/$50.26 (May 29th 2017 high).
   
• On the lower side, near term major support is around $46.60 (61.8% retracement of $43.72 and $51.89) and any break below will drag the commodity down till $45/$43.70.

It is good to sell on rallies around $47.55-$47.60 with SL around $48.55 for the TP of $46.60/$45.