US Oil: Sell below ($47.90)

• 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.