SINGAPORE: US oil may break a support at $46.40 per barrel and fall towards $44.61.
The support is identified as the 23.6% retracement of the uptrend from $37.06 to $49.28. The correction from $49.28 consists of three waves. So far, only two have completed.
The third wave labelled c is unfolding towards $44.61. Resistance is at $47.50, a break above which could lead to a gain to $48.42.
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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