US oil may retest resistance at $62.78
- Based on the drop from this high to the Feb. 19 low of $58.59, oil is supposed to rise to $65.61. A break above $62.08 could signal the continuation of the uptrend.
SINGAPORE: US oil may retest a resistance at $62.78 per barrel, a break above which could lead to a gain to $63.44.
A rising wedge could be developing, which is contracting towards $63.44.
The correction triggered by the resistance at $62.78 may have ended, following a stabilization of the price around $60.44, the 38.2% projection level of an uptrend from $58.59.
Key support is at $60.44, a break below which could cause a fall into $58.59-$59.73 range. On the daily chart, the uptrend looks intact. The fall to the Tuesday low of $60.67 is regarded as a pullback towards the Feb. 18 high of $62.26.
Based on the drop from this high to the Feb. 19 low of $58.59, oil is supposed to rise to $65.61. A break above $62.08 could signal the continuation of the uptrend.
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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