SINGAPORE: US oil may revisit its Nov. 4 low of $75.84 per barrel, as indicated by its wave pattern and an expanding triangle.
The drop on Nov. 10 suggests a resumption of the downtrend, which has been developing within the triangle since Oct. 17.
This pattern will consist of five waves, with the fifth wave labeled v unfolding towards the lower trendline of the triangle, which is about $74.
However, a more realistic target could be $75.84.
Before falling towards the target, oil may first pull back to $78, a resistance established by the trendline rising from $75.84.
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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