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Markets

US oil may extend gains into $58.88-59.38 range

  • Due to its fierce character, this wave (3)-3 is unlikely to be disrupted by any decent correction, until it unfolds to $59.38.
09 Feb 2021

SINGAPORE: US oil may extend its gains into a range of $58.88-59.38 per barrel, driven by a wave (3)-3.

This is the most powerful wave of a five-wave cycle from the Jan. 22 low of $51.44. It is capable of travelling into the target zone, which is formed by the 338.2% and the 361.8% projection levels of an uptrend from $51.64.

Due to its fierce character, this wave (3)-3 is unlikely to be disrupted by any decent correction, until it unfolds to $59.38.

Support is at $57.24, a break below which may cause a dip into $$57.55-57.77 range. On the daily chart, a pennant suggests a target zone of $59.90-$60.73, formed by the 400% and the 414.6% projection levels of an uptrend from $37.06.

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.