US oil may retest resistance at $52.98
- The trend from $53.93 may have reversed. It consists of three waves. The third wave labeled c is roughly equal to the first wave labeled a. This equality confirms the reversal of the trend.
SINGAPORE: US oil may retest a resistance at $52.98 per barrel, a break above which could lead to a gain into the range of $53.34-$53.93.
The resistance is identified as the 61.8% retracement of the downtrend from $53.93 to $51.44. It triggered a correction which may end above $52.39.
The trend from $53.93 may have reversed. It consists of three waves. The third wave labeled c is roughly equal to the first wave labeled a. This equality confirms the reversal of the trend.
A break below $52.39 could cause a fall to $52.03. On the daily chart, the contract has managed to stay above a support at $52.34, the 23.6% retracement of the uptrend from $47.18 to $53.93. As long as it hovers above this level, it may revisit the high of $53.93.
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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