- Support is at $55.63, a break below which could cause a fall into a zone of $55.10-$55.41.
SINGAPORE: US oil may retest a resistance at $56.23 per barrel, a break above which could lead to a gain into the $56.74-$57.24 range.
The resistance is identified as the 214.6% projection level of an upward wave C from $51.64. This wave shows no sign of completion yet.
It may extend into the $56.74-$57.24 range.
Support is at $55.63, a break below which could cause a fall into a zone of $55.10-$55.41.
On the daily chart, a rising trendline points at a wider target zone of $56.37-$57.72, formed by the 338.2% and the 361.8% projection levels of an uptrend from $37.06.
The pattern from the Jan. 5 low of $47.24 looks like a pennant, which suggests a target of $58.30, near $57.72.
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