SINGAPORE: US oil may drop further into a range of $55.99 to $56.70 per barrel, as suggested by a falling trendline and a projection analysis.
The contract is riding on a wave e, the final wave of a five-wave cycle from the March 8 high of $67.98.
This wave is expected to end around the falling trendline, which establishes a support around $55.99.
A bounce from the current level may be limited to $58.55.
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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