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Crude oil breaks minor trend line support, dip till $64 likely

  • Major resistance- $66.63.
     
  • US oil declined slightly after jumping once again slightly above $66. It has broken minor trend line support $65.80 and declined till $65.69. The main reason for decline in oil price was due to slight increase in US inventory. It is currently trading around $65.88.
     
  • EIA has reported US crude oil inventories increased by 6.8 million bbls compared to forecast of 0.1 million bbls.
     
  • Technically, the pair has formed a double top around $66.63 and any major bullishness can be seen only above that level. Any break above will take the commodity to next level till $67/$67.25.       
     
  • On the lower side, near term support is around $65.27 (38.2% fibo) and any violation below will drag the commodity till $64.90 (233- H MA)/$64.

It is good to sell on rallies around $65.85-90 with SL around $66.65 for the TP of $64.90/$64.

 

 

 

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