FxWirePro
Short

US Oil breaks major support $45.80, decline till $43 is possible

FX:USOIL   CFDs on Crude Oil (WTI)
174 3 7
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

Is this trade still valid? Are there any possibility to see price bounce at that entry level (46.10)? Thanks ;-)
Reply
Is there any chance that this breakout can considered as a false breakout, what if the price closes up again in the range zone ??
Reply
Don't forget that resistance, which was support where price bounced off 3 times and formed a triple bottom. I think it will hold as resistance.
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