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Short

US Oil: Trades below 200 HMA and Ichimoku (sell on rallies)

FX:USOIL   Crude Oil (WTI)
265 0 4
Major resistance- $48.65 (200 HMA )

Major support - $47.80 ( 50% retracement of $45.81 and $49.97)

US oil             has broken major support $48 and declined till $47.88. It is currently trading around $47.95.

In hourly chart, WTI Crude is trading well below Tenkan-Sen ($48.26) and Kijun-Sen ($48.72). So slight decline till $47.36 ( 61.8% retracement of $45.81 and $49.97)/$46.85 is possible.

On the higher side, major resistance is around $48.65 (200 HMA ) and any break above targets $49.40/$49.58/$49.97.

Short term bullishness only above $50.

It is good to sell on rallies around $48.20-$48.25 with SL around $48.72 for the TP of $47.37/$46.85
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