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US Oil trades well below 200 HMA, decline till $46.80 likely

  • Major resistance- $48.65 (200 HMA)
     
  • Major support - $47.80 (50% retracement of $45.81 and $49.97).
     
  • US oil has broken major support $48 and declined till $47.88. It is currently trading around $47.95.
  •  In hourly chart, WTI Crude is trading well below Tenkan-Sen ($48.26) and Kijun-Sen ($48.72). So slight decline till $47.36 (61.8% retracement of $45.81 and $49.97)/$46.85 is possible.
     
  • On the higher side, major resistance is around $48.65 (200 HMA) and any break above targets $49.40/$49.58/$49.97.
     
  • Short term bullishness only above $50.

It is good to sell on rallies around $48.20-$48.25 with SL around $48.72 for the TP of $47.37/$46.85            

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