- A projection analysis on the uptrend from $37.06 reveals a support at $52.01, the 261.8% level, which may not hold.
SINGAPORE: US oil may revisit its Jan. 19 low of $51.76 per barrel, driven by a wave c.
The correction from the Jan. 13 high of $53.93 has extended. Three waves make up the correction. The third wave labeled c is unfolding towards $51.62, its 100% projection level, as it shows no sign of completion around $52.45, its 61.8% level.
Resistance is at $52.59, a break above which could lead to a gain into $52.85-$53.10 range. On the daily chart, oil is undergoing a consolidation, which may match the one from the Dec. 23 low of $46.16 to the Jan. 4 high of $49.83.
A projection analysis on the uptrend from $37.06 reveals a support at $52.01, the 261.8% level, which may not hold.
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