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Short

US oil : Sell below break out ($45.80)

FX:USOIL   Crude Oil (WTI)
344 0 7
Pattern formed- Big M-pattern

Major support - $45.80 (Jun 27th 2016 low)

Major intraday resistance -$47.30 (hourly Kijun-Sen)

US oil             has made a low of $46.13 and slightly recovered from that level. It is currently trading around $46.42.

The commodity is trading well below Tenken-Sen ($46.52) and Kijun-Sen ($47.30). Any short term bullishness only above $47.30 level.

Any indicative break above $47.30 will take the commodity till $47.73 (55 H EMA )/$48.20 (200 HMA ).

The decline from $50.46 till $45.81 will come to an end only if US oil             closes above $50 level.

On the lower side, any break below $45.80 will drag the commodity down till $44.78 (90 day EMA )/$43.

It is good to sell below $45.80 with SL around $47.30 for the TP of $43/$41

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