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Short

US OIL: Sell on rallies

TVC:USOIL   WTI Rohöl CFD's
Major Support - $57.60 (100- day MA).

US oil             took support near 100- day MA and shown a mild recovery above $60 level. The commodity jumped till $60.80 yesterday. The main reason for declining crude oil             prices was due to increase in shale oil             production and also Opec raised non cartel oil             production growth forecast for second month. Oil             hits low of $58.05 and is currently trading around $59.15.

International energy agency mentioned that extraordinary growth in US shale oil             will force Opec to change its policy stance soon. US oil             rigs rose by 26 to 791 highest level since 2015.

Technically, the pair is facing resistance around $60-60.12 (hourly Kijun-Sen and trend line joining $61.60 and $ 60.79) and any minor jump till $60.80 can be seen only above that level. Any break above $60.80 will take the commodity to next level till $61.35 (38.2% fibo)/$62.07.

On the lower side, near term support is around $58.90 and any violation below will drag the commodity till $58.05/$57.60.

It is good to sell on rallies around $59.85-90 with SL around $60.80 for the TP of $58.05/$57.60.

Thank you... Please can you give us you analysis about USDJPY and EURAUD
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