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 oi…
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.
