Description
⋅ Major support - $45.40 (7 day EMA)
US Oil has broken major resistance $47 and jumped till $47.16. It is currently trading around $47.14.
Short term trend is bullish as long as support $45.40 holds.
Any break below $45.40 will drag the commodity down till $45 (daily Tenken-Sen)/ $44.05 (21 day MA).
On the higher side break above $47 will take the US oil till $47.87/$49.20.
Overall bullish invalidation only below $43.
It is good to buy at dips around $47 with SL around $45.40 for the TP of 49.35/$50.