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Short

US Oil trades well below 200 day 4HMA, targets $45

FX:USOIL   CFDs on Crude Oil (WTI)
194 0 4
Major Support - $47.65 (200 4H MA)

Major resistance - $49.05 (21 day MA)

The US Oil             breaks below 200 4 H MA and declined till $47.26 at the time of writing. It is currently trading around $47.52.

The commodity should close above $49.05 (21 day MA) for further upside. On the higher side, break above $49.05 would take the pair to next immediate resistance at $49.45/$50.01 ( 61.8% retracement $51.64 and $47.26).

The US oil             break below $47.65 confirms minor trend reversal, a decline till $46.70/$46/$45 is possible.

It is good to sell on rallies around $47.60-$47.70 with SL around $49.05 for the TP of $46.70/$45.
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