The US oil pause the two days falling streak, again manage to hold the 20Dsma and 50Dsma as well. We have been advising buying of US oil for targets at 49.00 and 52.00. This forecast is purely on technical basis. At yesterday’s session, again we remind buying of US oil. The price close with 3.5% gains.

The fundamental factors remain favors to bearish on the oil prices. The oversupply and slowing energy demand pressures the oil prices.

ANZ: cut 2015 Brent forecast to $ 54 / bbl; cut 2015 WTI crude oil price forecast to $ 50 / bbl. Brent crude oil prices down in 2016 forecast to $ 46 / bbl; cut 2016 WTI crude oil price forecast to $ 41 / barrel.

Foreign media news: OPEC mid-term report that in 2017 non-OPEC output is estimated at 5820 million barrels / day, compared to the previous forecast by 100 million barrels / day. OPEC expects oil prices will rise every year $ 5 / bbl, and then hit a level of $ 80 / barrel in 2020.

In the daily and four-hour chart, the US oil price close above all the moving averages. The price made a double top at 46.71, parallel resistance seems at 47.00 and the earlier swing high was placed at 47.70. In the four hour chart, the US oil gave an upside breakout of the descending triangle.