US oil may test resistance at $67.57
- On the daily chart, oil has finally broken a resistance zone of $65.65 to $66.60.
SINGAPORE: US oil may test a resistance at $67.57 per barrel, a break above could lead to a gain to $68.99.
The contract is riding on a wave C, which was disrupted by a resistance at $66.42.
The correction triggered by this resistance is so shallow that it confirms the fierce character of the wave C.
This wave is highly likely to extend to $71.28. A realistic target will be $68.99, which will be confirmed when oil rises to $67.80, as such a rise could signal a valid break above $67.57.
On the daily chart, oil has finally broken a resistance zone of $65.65 to $66.60.
The break opens the way towards $71.93. A bullish triangle suggests a higher target of $75.
The former resistance zone is now providing a strong support. It works as a limit to the subsequent correction.
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