Crude oil inventories fell by 5.2 million barrels in this week which surprised the market and then the U.S Oil price surged yesterday. It is now trading above the 47.15 key support level. As long as the price remains above that level on four-hourly basis, we think the upward movement may continue and we will face resistance levels at 48.15 and 48.70. Although, if the price drops below 47.15, the next support level will be at 46.60.
Support: 47.15 – 46.60 – 45.95
Resistance : 48.15 – 48.70 – 49.30
11 May 17 (Thu)
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