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US oil may retest resistance at $61.02

  • A break below $59.91 could cause a fall to $59.38. The current wave count will be reviewed, if oil falls to this level. A break above $60.51 could signal the continuation of the uptrend.
16 Feb, 2021

SINGAPORE: US oil may retest a resistance at $61.02 per barrel, a break above which could lead to a gain to $61.52.

The rise from the Feb. 12 low of $57.41 is so strong that it might have been driven by a wave (3)-3. The correction triggered by the resistance at $61.02 seems to be ending around a support at $59.91. The uptrend is expected to resume from this point.

A break below $59.91 could cause a fall to $59.38. The current wave count will be reviewed, if oil falls to this level. A break above $60.51 could signal the continuation of the uptrend.

On the daily chart, oil could be heading towards the Jan. 8, 2020 high of $65.65, which is suggested by a rising channel. A realistic target will be either $62.08 or $63.43.

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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