SINGAPORE: U.S. oil may break a resistance at $65.56 per barrel and rise to the next resistance at $66.57, as suggested by its wave pattern and a projection analysis.
These resistances are identified as the 100 percent and the 114.6 percent projection levels of an upward wave C from $51.23. This wave has a better chance of extending to $69.73, its 138.2 percent projection level, after overcoming the barrier at $64.62, the 100 percent level.
On the daily chart, oil has broken a resistance at $64.90, the 23.6 percent retracement on the uptrend from $26.05 to $76.90. It is likely to extend its gain to $69.48 which is near $69.73 (refer to hourly chart).
* The analysis is based on delayed data, prediction may be affected. Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. 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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