SINGAPORE: US oil may hover above a support at $56.22 per barrel for one day or rebound moderately to a resistance at $57.77 before falling again.
The contract is riding on a firm downtrend towards $49.61, the 261.8 percent Fibonacci projection level of a downward wave C that developed from the Sept. 30 high of $94.90.
The 223.6 percent level at $56.22 and the 214.6 percent level at $57.77 work respectively as the current support and resistance.
A break above $57.77 could lead to a further rebound towards $60.30, the 200 percent level, while a fall to $55.90 may signal a break below $56.22.
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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