US oil may rise towards $70.15-$70.77 range
- The correction from $76.98 may have ended if it only has three waves
SINGAPORE: US oil may break a resistance at $69.30 per barrel and rise towards a range of $70.15-$70.77.
The consolidation from the July 6 high of $76.98 might be shaped into a wedge, which may have a complex structure, to consist of three or five waves.
Under the five-wave scenario, the contact could be riding on a wave (d), which is travelling towards the upper trendline of the wedge.
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The correction from $76.98 may have ended if it only has three waves.
The current rise could therefore be regarded as a continuation of the uptrend from $61.56.
Support is at $68.39, a break below which could cause a fall into $66.92-$67.83 range. On the daily chart, the uptrend remains intact, as oil managed to stay above a trendline.
The contract has broken a resistance at $69.02, it may climb into a range of $69.99-$71.32.
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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