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FxWirePro: US oil hits multi month low on rsining crude inventory, good to sell on rallies

US oil is trading extremely weak and lost more than 8%. Yesterday it plunged more than 5% worst fall in six months. The main reason for fall are

 

  1. Rise in crude oil inventory in US for second consecutive week -Inventory build of 4.7 million barrels compared to forecast of -1.2M.

 

     2. US and China trade war escalation

 

The near term support is around $57.45 (38.2% fib) and any break below will drag the commodity till $55.84/$55.

 

On the higher side major resitance is around $60 and any violation above targets $62.39 (300-W EMA)/$63.79.

 

It is good to sell on rallies around $60-$60.10 with SL $62.40 for TP of $55.

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