US Oil trades below 200 day HMA, decline till $43 is possible
Major support - $44.45 (200 day HMA)
Major resistance - $45.32 (Today’s high)
US Oil has retreated after making a high of $45.32 at the time of writing. It has also broken 200 day HMA and trading well below that level.
Crude is currently trading around $44.32.
Short term trend is slightly weak as long as resistance $45.35 holds.
On the lower side any break below $44.45 will drag the commodity down till $43.55/$43 in short term.
US oil has formed temporary top around $46.76 and further bullishness can be seen only above that level.
It is good to sell on rallies around $44.45-$44.50 with SL around $45.35 for the TP of $43
Major resistance - $45.32 (Today’s high)
US Oil has retreated after making a high of $45.32 at the time of writing. It has also broken 200 day HMA and trading well below that level.
Crude is currently trading around $44.32.
Short term trend is slightly weak as long as resistance $45.35 holds.
On the lower side any break below $44.45 will drag the commodity down till $43.55/$43 in short term.
US oil has formed temporary top around $46.76 and further bullishness can be seen only above that level.
It is good to sell on rallies around $44.45-$44.50 with SL around $45.35 for the TP of $43
