The US oil has been facing strong resistance at 20 dsma even though it trades above the 20 dsma by the end of the day close below that. Today at Asia’s session the price looking at 50dsma finds at 44.60 trading at 44.70.
Ahead of the inventory data, the oil is slowly approaching support levels.
Intraday support finds at 44.40, 44.00 and 43.20. In case, if the bears taken out the 43.20 level they might aim at 42.30, 42.00 and 41.50 levels.
Intraday resistance seems at 45.00, 45.40 and 45.70. The bulls must close above 20Dsma seems at 45.40 to escape 43.20 and 41.50 levels.