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Markets

US oil may fall into $52.27-$52.59 range

  • A sudden break above $54.19 could confirm the continuation of the uptrend towards the range of $56.37-$57.72.
21 Jan 2021

SINGAPORE: U.S. oil may break a support at $52.85 per barrel, and fall into $52.27-$52.59 range.

The contract failed to go above the Jan. 13 high of $53.93. The failure indicates the formation of a peak around this level or an extension of the correction towards $51.76.

A realistic target could be either $52.59 or $52.27, respectively the 38.2% and the 23.6% retracements of the uptrend from $51.76 to $53.93.

A break above $53.10 may lead to a gain into $53.42-$53.63 range. On the daily chart, the spinning top forming on Wednesday suggests a further consolidation below a resistance at $54.19.

This consolidation may match the one from the Dec. 23 low of $46.16 to the Jan. 4 high of $49.83. Under this scenario, oil may remain sideways for about a week, probably range-bound between $52.01-$54.19.

A sudden break above $54.19 could confirm the continuation of the uptrend towards the range of $56.37-$57.72.

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.