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
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out