US oil may test resistance at $54.19
- Wave pattern suggests the progress of a wave 5, which may travel into $55.02-$56.37 range, based on the depth of the wave 4.
SINGAPORE: US oil may test a resistance at $54.19 per barrel, a break above which could lead to a gain to $55.02.
The correction from the Jan. 13 high of $53.93 may have completed, as it has almost been reversed. The reversal signals a continuation of the uptrend.
Wave pattern suggests the progress of a wave 5, which may travel into $55.02-$56.37 range, based on the depth of the wave 4.
Support is at $53.41, a break below which could cause a fall into $52.01-$52.84 range. On the daily chart, the uptrend is developing within a rising channel, which defines a price band of $52.84-$56.37.
The trend looks steady and shows no sign of a reversal. The sideways move around $52.84 over the past two days could be a preparation for a stronger rally.
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.
Comments
Comments are closed for this article.