US oil may retest resistance at $52.54
- On the daily chart, oil is trying to hover around $52.01, the 261.8% projection level of the uptrend from $37.06. It may bounce towards $52.84.
SINGAPORE: US oil may retest a resistance at $52.54 per barrel, a break above could lead to a gain into $52.79-$52.99 range.
Oil stopped its fall around a support at $51.74, the 123.6% projection level of a downward wave c from $53.83. The stabilization around this level signals a completion of the drop from the Jan. 13 high of $53.93.
As long as oil stays above $52.14, it may extend its bounce into the range of $52.79-$52.99 range. A break below $52.14 could be followed by a drop towards $51.49-$51.74 range.
On the daily chart, oil is trying to hover around $52.01, the 261.8% projection level of the uptrend from $37.06. It may bounce towards $52.84.
The bounce will be under the big shadow of a bearish engulfing pattern. As a result, the fall from the Jan. 13 high of $53.93 may resume upon the completion of the bounce.
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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