Ichimoku Analysis (4-hour Chart)
Tenken-Sen- $41
Kijun-Sen- $41.18
WTI crude oil is trading weak for 2nd consecutive day and lost more than 0.80 cents. The commodity has halted its ten days of bullishness on US-China trade tension escalation and second wave of corona concern. The increase in the number of new cases in the U.S and Spain is putting pressure on commodities at higher levels.
Technically, the commodity is facing primary resistance at $41.55, and any convincing break above targets $41.90/$42.65.
On the lower side, a significant move only if it breaks below $40.47. Any indicative violation below will drag the commodity $39.81. Significant selling only if it breaks $38.90.
It is good to sell on rallies around $40.75-80 with SL around $41.50 for the TP of $39.
