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Markets

US oil may retest support at $52.03

  • The consolidation from $53.93 has lasted so long that it raises some concern on whether the uptrend could remain steady. A break below $51.35 could signal a reversal of the trend.
29 Jan, 2021

SINGAPORE: US oil may retest a support at $52.03 per barrel, a break below which could cause a fall into $51.44-$51.80 range.

The support is identified as the 23.6% retracement of the downtrend from $53.93 to $51.44. The rise from $51.44 seems to have adopted a corrective wave mode. It has been driven by a wave B, which is expected to be reversed by the current wave C.

A further bounce from the current level may be limited to $52.69. On the daily chart, the contract seems to be trapped within a range of $51.35-$53.93. Its failure to go above $53.93 on Thursday could be followed by a drop towards $51.35 on Friday.

The consolidation from $53.93 has lasted so long that it raises some concern on whether the uptrend could remain steady. A break below $51.35 could signal a reversal of the trend.

A bearish target zone of $49.76-$50.56 will be established accordingly.

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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