US oil forms Big-M pattern, break below $45.80 confirms major trend reversal

• Pattern formed- Big  M-pattern
   
• Major support - $45.80 (Jun 27th 2016 low)
   
• Major intraday resistance -$47.30 (hourly Kijun-Sen)
   
• US oil has made a low of $46.13 and slightly recovered from that level. It is currently trading around $46.42.
   
• The commodity is trading well below Tenken-Sen ($46.52) and Kijun-Sen ($47.30). Any short term bullishness only above $47.30 level.
   
• Any indicative break above $47.30 will take the commodity till $47.73 (55 H EMA)/$48.20 (200 HMA).
   
• The decline from $50.46 till $45.81 will come to an end only if US oil closes above $50 level.
   
• On the lower side, any break below $45.80 will drag the commodity down till $44.78 (90 day EMA)/$43.

It is good to sell below $45.80 with SL around $47.30 for the TP of $43/$41