US oil may fall into $51.34-$52.01 range
- On the daily chart, the uptrend may extend to $56.37, as suggested by a rising channel, which was duplicated from a lower channel.
SINGAPORE: US oil may fall into a range of $51.34-$52.01 per barrel, following the completion of a five-wave cycle.
The cycle started at $49.48. The current correction may be extending towards the bottom of the wave 4 around $51.34.
It must be noted that the uptrend remains intact and will keep steady, even though oil may fall into the target zone.
Resistance is at $53.41, a break above which could lead to a gain into $54.19-$55.02 range, formed by the 300% and the 314.6% projection levels on an uptrend from $37.06.
On the daily chart, the uptrend may extend to $56.37, as suggested by a rising channel, which was duplicated from a lower channel.
Key support is at $52.01, a break below which could make this target invalid, as the break would signal a failure of the contract to escape from the lower channel.
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