Ichimoku Analysis (4- hour chart)
Tenken-Sen- $50.22
Kijun-Sen- $50.78
US oil formed bottom around $49.30 and shown a minor jump till $52.16. The overall trend is still bullish as long as support $49 holds. According to API, a larger than anticipated crude oil inventory of 6 million barrels vs forecast of 2.987 million bbls.
Technically, near term resistance is around $51.20 and any indicative break beyond targets $51.80/52.16 (Feb 6th high).
On the flip side, significant support is around $49.70 and violation below will drag the commodity down till $49.30/$48.
It is good to buy on dips around $50.75-80 with SL around $50 for the TP of $52.15.
