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Markets

US oil may rise into $63.44-$64.15 range

  • On the daily chart, oil is rising towards the Jan. 8, 2020 high of $65.65.
23 Feb 2021

SINGAPORE: US oil may rise into a range of $63.44-$64.15 per barrel, as it has resumed its uptrend.

The trend has been confirmed, following a surge above the Feb. 18 high of $62.26. The wave pattern suggests the development of an extended wave (5).

Based on the depth of the fall from $62.26, this wave could travel to $65. A projection analysis reveals a realistic target zone formed by the 100% and the 114.6% levels.

Support is at $61.59, a break below which could cause a fall into the $60.44-$61.02 range.

On the daily chart, oil is rising towards the Jan. 8, 2020 high of $65.65.

A projection analysis marks an immediate target of $63.43, which is almost identical to $63.44 (hourly chart).

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.