US OIL breaks major trend line support at $48.60, targets $46.70
Major support - $48.56 (trend line joining $46.72 and $47.73). US Oil has broken 21 day MA at 48.99 and also major trend line support at the time of writing. The commodity has declined till $48.19 today morning and sligh…
Major support - $48.56 (trend line joining $46.72 and $47.73).
US Oil has broken 21 day MA at 48.99 and also major trend line support at the time of writing. The commodity has declined till $48.19 today morning and slightly recovered from that level. It is currently trading around $48.48.
Short term trend is weak as long as resistance $49.70 (daily Tenkan-Sen) holds. Any break above $49.70 will take the US oil till $50.18/$50.90/$51.60.The minor resistance is around $49.
The break below 21 day MA confirms minor weakness, a decline till $47.70/$46.70 is possible.
It is good to sell on rallies around $48.65-$48.70 with SL around $49.70 for the TP of $47.70/$46.75.
