FxWirePro
Short

US Oil: Sell below ($47.90)

FX:USOIL   Crude Oil (WTI)
311 0 16
Major support - $47.90 .

Major resistance - $49

US oil             has jumped continuously for a third straight week on account of continuing buzz that OPEC and other major producers may be nearing a deal to curb output.

Oil             prices declined slightly after jumping till $48.97 (21st Aug high) and it is currently trading around $48.36.

On the lower side, major support is around $47.90 and any minor weakness can be seen only below that level.

Any violation below $47.90 will drag the US oil             till $47.10/$45.25 (200 HMA ).The major resistance is around $48.97 and any break above temporary top will take the oil             to next immediate resistance at $49.50 (161.8% retracement of $48.97 and $48.10)/$50/$51.65.

The commodity should break above $51.65 for further upside.

It is good to sell below $47.90 with SL around $49 for the TP of $47.10/$45.25
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