Coronavirus
VERY HIGH
Pakistan Deaths
19,336
12624hr
Pakistan Cases
870,703
326524hr
Sindh
295,483
Punjab
323,314
Balochistan
23,728
Islamabad
78,725
KPK
125,914
Markets

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.
19 Feb 2021

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.