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FxwirePro: US Oil forms Bearish pattern, good to sell on rallies

  • Harmonic pattern – Bearish AB=CD.
     
  • US Oil was trading higher for the past ten days from the low of $43.69 made on Jul 10th 2017. It has made a high of $47.71 and declining sharply from that level.  It is currently trading around $46.47.
     
  • Any major bullishness can be seen only above $47.71. Any break above will take the oil till $48.66/$50.
     
  • On the lower side, near term support is around $46.35 (23.6% retracement of $42.03 and $47.77) and any break below will drag the commodity till $44.97/$43.69 (Jul 10th 2017 low).

It is good to sell on rallies around $46.65-$46.75 with SL around $47.80 for the TP of $43.69.

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