US Oil: Trend line support and 200 HMA
Major support- $46.80 (trend line joining $37.59 and $45.83)
Major resistance - $48.50 (200 HMA)
US Oil has slightly recovered till $48.40 after making a low of $46.69. It is currently trading around $47.58.
Short term trend is weak as long as resistance $48.50 holds. Any break below $47.50 will drag the pair down till $46.70/$45 in the short term.
On the higher side any break above $48.50 will take the commodity till $49.01 (21 day MA)/$49.45.
Overall bearish invalidation only above $51.65.
It is good to sell on rallies around $47.65-$47.75 with SL around $48.50 for the TP of $46.60/$45
Major resistance - $48.50 (200 HMA)
US Oil has slightly recovered till $48.40 after making a low of $46.69. It is currently trading around $47.58.
Short term trend is weak as long as resistance $48.50 holds. Any break below $47.50 will drag the pair down till $46.70/$45 in the short term.
On the higher side any break above $48.50 will take the commodity till $49.01 (21 day MA)/$49.45.
Overall bearish invalidation only above $51.65.
It is good to sell on rallies around $47.65-$47.75 with SL around $48.50 for the TP of $46.60/$45