SINGAPORE: US oil may approach support at $29.07 per barrel again, as its correction from the Jan. 25 high of $32.74 looks incomplete.
The correction consists of three waves, so far, only two have unfolded.
The third wave labeled c is expected to travel to $29.07, the 23.6 percent Fibonacci retracement on the fall from the Jan. 4 high of $38.39 to the Jan. 20 low of $26.19.
Only after the completion of the wave c, oil could continue its rise towards $35.51, the 76.4 percent level. Resistance is at $32.29, the 50 percent level, a break above which will lead to a gain to $33.73, the 61.8 percent level.
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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