AIRLINK 75.50 Increased By ▲ 0.25 (0.33%)
BOP 5.15 Increased By ▲ 0.04 (0.78%)
CNERGY 4.52 Decreased By ▼ -0.08 (-1.74%)
DFML 34.67 Increased By ▲ 2.14 (6.58%)
DGKC 90.61 Increased By ▲ 0.26 (0.29%)
FCCL 22.94 Decreased By ▼ -0.04 (-0.17%)
FFBL 33.25 Decreased By ▼ -0.32 (-0.95%)
FFL 9.96 Decreased By ▼ -0.08 (-0.8%)
GGL 11.21 Increased By ▲ 0.16 (1.45%)
HBL 115.45 Increased By ▲ 0.55 (0.48%)
HUBC 136.50 Decreased By ▼ -0.84 (-0.61%)
HUMNL 10.08 Increased By ▲ 0.55 (5.77%)
KEL 4.67 Increased By ▲ 0.01 (0.21%)
KOSM 4.74 Increased By ▲ 0.04 (0.85%)
MLCF 40.48 Decreased By ▼ -0.06 (-0.15%)
OGDC 141.20 Increased By ▲ 1.45 (1.04%)
PAEL 27.70 Increased By ▲ 0.05 (0.18%)
PIAA 25.15 Increased By ▲ 0.75 (3.07%)
PIBTL 6.84 Decreased By ▼ -0.08 (-1.16%)
PPL 124.30 Decreased By ▼ -1.00 (-0.8%)
PRL 27.45 Decreased By ▼ -0.10 (-0.36%)
PTC 14.15 No Change ▼ 0.00 (0%)
SEARL 62.75 Increased By ▲ 0.90 (1.46%)
SNGP 72.58 Decreased By ▼ -0.40 (-0.55%)
SSGC 10.50 Decreased By ▼ -0.09 (-0.85%)
TELE 8.77 Decreased By ▼ -0.01 (-0.11%)
TPLP 11.53 Decreased By ▼ -0.20 (-1.71%)
TRG 66.55 Decreased By ▼ -0.05 (-0.08%)
UNITY 25.79 Increased By ▲ 0.64 (2.54%)
WTL 1.40 Decreased By ▼ -0.04 (-2.78%)
BR100 7,846 Increased By 43.2 (0.55%)
BR30 25,831 Increased By 15.3 (0.06%)
KSE100 74,825 Increased By 293.9 (0.39%)
KSE30 24,100 Increased By 145.2 (0.61%)

SINGAPORE: U.S. oil is expected to break a support at $54.51 per barrel and fall towards the next support at $52.99, as suggested by a retracement analysis.

These supports are identified as the 38.2% and the 23.6% retracements on the downtrend from $60.94 to $50.53. Oil failed to break a resistance at $56.96 after a few attempts. The failures, along with the deep fall on Aug. 30, confirm the completion of a bounce from $50.53.

The downtrend from $60.94 could have resumed. It is just a matter of time that oil could revisit the low at $50.53. Resistance is at $55.74, a break above which could lead to a gain to $56.96.

On the daily chart, oil is testing a support range of $54.48-$54.83, formed by the 50% retracement on the uptrend from $42.36 to $60.94 and the 38.2% projection level of a downward wave C from $60.94.

This wave is capable of travelling to $51.05, its 61.8% projection level.

* The analysis is based on delayed data, prediction may be affected. Charts are not available in reports received in email box through "Alert". To get charts, use the news code of  to retrieve the original reports.

** Wang Tao is a Reuters market analyst for commodities and energy technicals. 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. **

Copyright Reuters, 2019
 

Comments

Comments are closed.