The resistance is identified as the 7% retracement of the uptrend from $37.06 to $49.28. Support is at $47.50, a break below which could cause a fall to $46.40.
SINGAPORE: US oil may test a resistance at $48.42 per barrel, a break above which could lead to a gain to $49.28.
The resistance is identified as the 7% retracement of the uptrend from $37.06 to $49.28. Support is at $47.50, a break below which could cause a fall to $46.40.
It is not very clear if the uptrend has resumed, as the correction from $49.28 may consist of three waves. So far, only the first wave has completed.
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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