US Oil trades well below 200 HMA, decline till $46.80 likely
Major resistance- $48.65 (200 HMA) Major support - $47.80 (50% retracement of $45.81 and $49.97). US oil has broken major support $48 and declined till $47.88. It is currently trading around $47.95. In hourly chart, WT…
Major support - $47.80 (50% retracement of $45.81 and $49.97).
US oil has broken major support $48 and declined till $47.88. It is currently trading around $47.95.
In hourly chart, WTI Crude is trading well below Tenkan-Sen ($48.26) and Kijun-Sen ($48.72). So slight decline till $47.36 (61.8% retracement of $45.81 and $49.97)/$46.85 is possible.
On the higher side, major resistance is around $48.65 (200 HMA) and any break above targets $49.40/$49.58/$49.97.
Short term bullishness only above $50.
It is good to sell on rallies around $48.20-$48.25 with SL around $48.72 for the TP of $47.37/$46.85
