US oil may rise into the $57.77-$58.06 range
- It could easily overcome the subsequent barriers.
SINGAPORE: US oil may break a resistance at $57.55 per barrel and rise into the $57.77-$58.06 range, driven by a wave (3)-3.
The resistance is identified as the 276.4% projection level of an uptrend from $51.64.
The current wave(3)-3 is expected to be very powerful.
It could easily overcome the subsequent barriers.
This wave may at least be equal to the wave (3)-1, to travel to $60. Support is at $57.24, a break below which may cause a dip into $56.74-$56.99 range.
On the daily chart, oil is approaching a resistance at $57.72, the 361.8% projection level of an uptrend from $37.06, a break above which could lead to a gain to $58.55. A pennant suggests a similar target.
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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