US oil may test resistance at $53.42
- On the daily chart, the uptrend remains intact. Market seems to have shrugged off the big shadow cast by a black candle on Jan. 15.
SINGAPORE: US oil may test a resistance at $53.42 per barrel, with a good chance of breaking above this level and rising to $53.63.
The contract has cleared a lower resistance at $53.10 and is heading towards $53.42. A falling trendline suggests a target around $53.63. Support is at $53.10, a break below which could cause a fall into $52.59-$52.85 range.
The recovery of the price from the low of $51.76 is so strong that it suggests a continuation of the uptrend from the Dec. 23 low of $46.16.
On the daily chart, the uptrend remains intact. Market seems to have shrugged off the big shadow cast by a black candle on Jan. 15.
It is obvious that the white candlesticks outnumbered the black candlesticks considerably on the rise from the Jan. 5 low of $47.24. The uptrend looks healthy in this way.
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