- Support is at $52.39, a break below which could cause a fall to $52.03.
SINGAPORE: US oil may test a resistance at $52.98 per barrel, a break above which could lead to a gain into a range of $53.34-$53.59.
The contract has cleared a lower resistance at $52.69, the 50% retracement of the downtrend from $53.93 to $51.44.
The next resistance will be at $52.98.
The rise from $51.44 consists of three waves.
The third wave labelled c is unfolding towards the zone of $53.34-$53.59.
Support is at $52.39, a break below which could cause a fall to $52.03.
On the daily chart, the contract remains steady 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.
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