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
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
