- Major support - $45.80 (Jun 27th low)
- Major intraday resistance- $46.54 (hourly Kijun-Sen)
- US Oil has broken major support $45.80 yesterday and declined till $44.86 after weaker than expected US crude oil inventories.
- U.S commercial crude inventory has fallen by 2.2 million barrels slightly below the forecast of 2.3 million barrels decline by the analyst.
- The commodity has slightly recovered and jumped till $45.73 at the time of writing. Short term trend is slightly weak as long as resistance $47 (61.8% retracement of $48.22 and $44.86) holds.
- Any indicative break above $47 will take the commodity to next level till $47.80 (200 HMA)/$48.25. The minor resistance is at $46.55.
- On the lower side, any break below $44.85 will drag the commodity down till $44.48/$43 in the short term.
It is good to sell on rallies around $46-$46.10 with SL around $47 for the TP of $44.85/$44.48
