US oil may rise into $50.66-$51.34 range
- On the daily chart, the big white candlestick forming on Tuesday represents a very bullish sentiment. The rise could be accelerating.
SINGAPORE: US oil may keep rising into a range of $50.66-$51.34 per barrel, as it has cleared a resistance at $49.83.
The resistance is identified as the 223.6% projection level on an uptrend from $37.06. The next resistance will be at $50.66, a break above which could lead to a gain to $51.34.
Support is at $49.31, a break below which may cause a fall to $48.48. The strong surge on Tuesday confirms a continuation of the uptrend, which remains steady, despite a disruption by a sudden drop on Monday.
On the daily chart, the big white candlestick forming on Tuesday represents a very bullish sentiment. The rise could be accelerating.
A rising trendline points at a target of $52.01, the 261.8% projection level of the uptrend from $37.06.
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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