SINGAPORE: US oil may retest a resistance at $95.25 per barrel, as it has not completed a rebound from the Nov. 19 low of $92.43.
The rebound seems to be against the downtrend from the Oct. 3 high of $104.38. No decent bounce has occurred against this trend so far, as a result, the current one may be strong and lasting.
Three waves labelled a, b, c, will consist of the rebound, and only the wave a has unfolded. The wave b may end around $93.60.
A Fibonacci retracement analysis on the trend reveals a resistance at $95.25, the 23.6 percent level, which will be retested by the following wave c.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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