US oil may rise into $54.60-$55.10 range
- The resistance is identified as the 100% projection level of an upward wave C from $51.64.
SINGAPORE: US oil may rise into a range of $54.60-$55.10 per barrel, as it has broken a resistance at $53.78.
The resistance is identified as the 100% projection level of an upward wave C from $51.64.
Following its surge above $53.78, this wave is highly likely to travel to $54.60 or $55.10.
A break below $53.78, now a support, may cause a fall limited to the support zone of $53.27-$53.49. On the daily chart, the consolidation from the Jan. 15 high of $53.83 has been shaped into a wedge, which has been confirmed as a bullish continuation pattern. A rising trendline points a target zone of $56.37-$57.72.
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.