Oil fell below $48 a barrel on Thursday, pressured by a stronger dollar and as a surprise increase in U.S. crude inventories. Oil came under pressure, as the minutes of Fed's meeting were too hawkish about interest rate increase.
Other mettals also came down.
Oil is in after break of major downtrend in the end of February. Still above all key moving averages. But I don't reccomend to chase and buy this one here, as we don't buy highs of . After reversal candle with top at $48.95, it followed through to the downside.
There is still room to the downside with Risk/Reward 1:1. My first target is and 21 at $45.15. Then, if it breaks down, we can see $43.20