SINGAPORE: US oil may fall into a range of $76.15-$77.25 per barrel, as suggested by a projection analysis and a gap.
One main purpose of the fall is to fill a gap forming on April 3. With the fall increasingly gaining momentum, the target of $76.15 could be quickly reached.
Theoretically, the fall could extend to any point above $66.82.
Where it is going to end is still subject to a further observation.
Resistance is at $79.04, a break above which could lead to a gain to $80.14. On the daily chart, oil has broken a support of $80.62.
US oil may fall further into $79.04-$80.89 range
It is approaching the support at $77.24, with a good chance of breaking below this level and falling to $71.76.
The trend from $64.12 might have been driven by a wave (D), which could be totally reversed by a wave (E) in due course.
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