Chart pattern- Double top
Major resistance - $60.35
US oil jumped more than $2 from the low of $58.16 on Mar 25th 2019 and hits fresh four month high on account of declining crude oil inventories and OPEC supply cut. But global growth concerns is major factor which is preventing further upside. The commodity hits intraday low of $59.40 and is currently trading around $59.51.
On the lower side, near term support is around $59.26 (20- 4H MA) and any break below will take the commodity down till $58.96 (61.8% fib)/$58.42 (89- 4H EMA)/$58.16.
The near term major resistance is around $60.40 and violation above will take the US oil to next level till $61/$61.60/$61.83.
It is good to sell on rallies around 59.75-80 with SL around $60.35 for the TP of $58.20.
