US Oil Forms M-shaped Pattern, Good to Sell Below $48.60

US Oil Forms M-shaped Pattern, Good to Sell Below $48.60

1 June 2016, 09:20
Roberto Jacobs
0
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US Oil Forms M-shaped Pattern, Good to Sell Below $48.60

  • Pattern Formed -M- shaped pattern 
  • Major support $48.60 
  • US oil has jumped till $50.08 yesterday but not able break above $50.18 high made on May 26th 2016. 
  • The recent rally in WTI crude was fuelled by militants attacks on pipelines and oil infrastructure in the southern Niger delta have crippled the production in Nigeria. 
  • Exports have expected to dropped to 990000 barrels per day from 2.2 million barrels per day . 
  • Crude oil prices is expected to show a technical correction in coming days as OPEC meeting and Fed rate hike looms. 
  • Technically any break below $48.60 will drag the US oil till $46.60/$45 in short term. 
  • On the higher side it should break above $50.18 for further bullishness. Any indicative break above targets $50.90/$51.50.


It is good to sell below $48.60 with SL around $50.10 for the TP of $46.55/$45

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