FxwirePro: US Oil forms Bearish pattern, good to sell on rallies
Harmonic pattern – Bearish AB=CD. US Oil was trading higher for the past ten days from the low of $43.69 made on Jul 10th 2017. It has made a high of $47.71 and declining sharply from that level. It is currently trading …
US Oil was trading higher for the past ten days from the low of $43.69 made on Jul 10th 2017. It has made a high of $47.71 and declining sharply from that level. It is currently trading around $46.47.
Any major bullishness can be seen only above $47.71. Any break above will take the oil till $48.66/$50.
On the lower side, near term support is around $46.35 (23.6% retracement of $42.03 and $47.77) and any break below will drag the commodity till $44.97/$43.69 (Jul 10th 2017 low).
It is good to sell on rallies around $46.65-$46.75 with SL around $47.80 for the TP of $43.69.
