- Major Support - $60.74 (233- H MA).
- US oil continuing its weakness for the third consecutive day. The commodity hits intraday low of $60.79 and is currently trading around $61.32.
- Oil prices continuing its weakness after hitting high of $62.62. US crude inventory release by American petroleum institute shows a small draw of 907000 barrels compared to forecast of 1.33 million barrels addition.
- US crude production has been continuously increasing and crossed 10 million barrels per day ahead of Saudi and behind Russia.
- On the lower side, near term major support is around $60.74 and any break below will drag the pair down till $60/$59.70. Short term bullish invalidation only below $58.05.
- The near term intraday resistance is around $61.37 (55- H MA) and any break above will take the commodity till 61.84 yesterday’s high/$62.50.
It is good to buy on dips around $61-$61.10 with SL around $60.74 for the TP of $61.84/$62.40.