US oil may test support at $58.13
- A retracement analysis reveals an immediate support at $58.13, the 38.2% level, a break below which could open the way towards $56.85. A bounce from the current level may be limited to $59.33.
SINGAPORE: US oil may test a support at $58.13 per barrel, a break below which could cause a fall into the $56.85-$57.41 range.
The uptrend from $51.44 has reversed, as confirmed by the current deep fall. Five waves make up the trend. The fourth wave, the wave 4, ended at $57.41, which works as a target.
A retracement analysis reveals an immediate support at $58.13, the 38.2% level, a break below which could open the way towards $56.85. A bounce from the current level may be limited to $59.33.
On the daily chart, a rising channel suggests a further drop into the $56.37-$57.72 range. As long as oil remains within the channel, the uptrend will be steady.
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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