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Ichimoku Analysis (Hourly chart)
Tenken- Sen- $50.44
Kijun-Sen- $50.42
US oil has halted its one month of the bearish trend and shown a minor recovery. WTI declined more than 20% from highs of $62.79 on account of the outbreak of Coronavirus. Oil prices rose significantly after China announces the discovery of two drugs to treat Coronavirus. It hits high of $51.17 and is currently trading around $50.82.
On the higher side, near term resistance is around $51.25 (trend line resistance) and any violation above will take the oil till $52/$52.59.
The immediate support is at $50, an indicative break below targets $49.30/$48.50. Extreme weakness below $48.50.
It is good to buy on dips around $50.65-70 with SL around $50 for the TP of $52.50.
