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US oil may retest resistance at $52.69

  • A retracement analysis reveals a resistance at $52.69 which stopped the first round of the rally.
Published January 25, 2021
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SINGAPORE: US oil may retest a resistance at $52.69 per barrel, a break above which could lead to a gain into the range of $52.98-$53.34.

The correction from the Jan. 13 high of $53.93 is over. It consists of three waves.

The third wave labeled c is roughly equal to the first wave labeled a.

Such an equality confirms the completion of the wave c. A retracement analysis reveals a resistance at $52.69 which stopped the first round of the rally.

The second round is expected to extend above this resistance. Support is at $52.03, a break below which could cause a fall into $51.61-$51.80 range.

On the daily chart, the correction ended around a support at $51.35, the 38.2% retracement of the uptrend from $47.18 to $53.93. The uptrend may have resumed.

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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