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FxWirePro: US OIL 2618 Trade Setup

  • Pattern Formed – 2618 pattern
     
  • US Oil has formed a temporary top around $50.40 and started to decline from that level. Crude decline till $46.44 on Aug 17th 2017 and is currently trading around $47.42.
     
  • The commodity has shown a jump till 61.8% retracement and started to fall from that level. Short term trend is weak as long as resistance $48.80 holds.
     
  • Any violation above $48.80 will take the US Oil to next level till $50/$50.40. Overall bearish invalidation above $50.40.
     
  • On the lower side, $47 will be acting as near term support any break below will drag the oil down till $46.50/$45.57.

It is good to sell on rallies around $47.80-$47.90 with SL around $48.80 for the TP of $46.50/$46.

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