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Markets

US oil may fall into $51.34-$52.01 range

  • On the daily chart, the uptrend may extend to $56.37, as suggested by a rising channel, which was duplicated from a lower channel.
14 Jan 2021

SINGAPORE: US oil may fall into a range of $51.34-$52.01 per barrel, following the completion of a five-wave cycle.

The cycle started at $49.48. The current correction may be extending towards the bottom of the wave 4 around $51.34.

It must be noted that the uptrend remains intact and will keep steady, even though oil may fall into the target zone.

Resistance is at $53.41, a break above which could lead to a gain into $54.19-$55.02 range, formed by the 300% and the 314.6% projection levels on an uptrend from $37.06.

On the daily chart, the uptrend may extend to $56.37, as suggested by a rising channel, which was duplicated from a lower channel.

Key support is at $52.01, a break below which could make this target invalid, as the break would signal a failure of the contract to escape from the lower channel.

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 to retrieve the original reports.

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.