SINGAPORE: US oil may revisit its Nov. 14 low of $73.25 per barrel, as it has broken support at $74.94.
The support was provided by the 14.6 percent Fibonacci retracement on a five-wave cycle that developed from the Oct. 16 high of $84.83 and ended at $73.25. The drop from the Nov. 18 high of $76.36 indicates resumption of a long-term downtrend.
A climb above $74.94, now a resistance, will however signal an extension of the preceding rebound towards $75.98, the 23.6 percent level.
The views expressed are his own.
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