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US oil still targets $64.15-$65.29 range

  • A doji formed on Thursday. It will only be regarded as a bearish reversal signal if a black candlestick appears on Friday.
Published February 26, 2021

SINGAPORE: A bullish target range of $64.15-$65.29 will remain unchanged for US oil, as long as it remains above a support at $62.78.

The support is identified as the 86.4% projection level of an uptrend from $58.59. A break below the support could confirm the rising wedge as a top pattern. A bearish target of $61.02 will be established accordingly.

A break above $63.78 could confirm the target zone. On the daily chart, oil could be rising towards the Jan. 8, 2020 high of $65.65, based on the drop from the Feb. 18 high of $62.26 to the Feb. 19 low of $58.59.

A doji formed on Thursday. It will only be regarded as a bearish reversal signal if a black candlestick appears on Friday.

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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