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FxWirePro: US oil trades above $52, jump till $53.40 likely
Ichimoku Analysis (4 Hour chart)
WTI crude oil continues to trade higher after a minor decline till $50.60. The decline came after weak inventory data. US EIA has reported that US crude oil supplies rose by 7.5 million barrels compared to 2.93 million barrels. It hits a high of $52.29 and is currently trading around $52.13.
Technically, near term resistance is around $52.42 (50% fib) and any indicative break beyond targets $53/$53.30.
On the flip side, significant support is around $51.30 and violation underneath will drag the commodity down till $50.60/$50/$49.30.
It is good to buy on dips around $51.75-80 with SL around $51.30 for the TP of $53.50.z