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.
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