US oil forms M-Shaped pattern, good to sell below $48.60

• Pattern Formed -M- shaped pattern
   
• Major support $48.60
   
• US oil has jumped till $50.08 yesterday but not able break above $50.18 high made on May 26th 2016.
   
• The recent rally in WTI crude was fuelled by militants attacks on pipelines and oil infrastructure in the southern Niger delta have crippled the production in Nigeria.
   
• Exports have expected to dropped to 990000 barrels per day from 2.2 million barrels per day .
   
• Crude oil prices is expected to show a technical correction in coming days as OPEC meeting and Fed rate hike looms.
   
• Technically any break below $48.60 will drag the US oil till $46.60/$45 in short term.
   
• On the higher side it should break above $50.18 for further bullishness. Any indicative break above targets $50.90/$51.50.

It is good to sell below $48.60 with SL around $50.10 for the TP of $46.55/$45