US oil may test resistance at $65.98
- The correction triggered by the resistance zone of $65.65-$66.60 may have ended. Oil is poised to retest this zone.
SINGAPORE: US oil may test a resistance at $65.98 per barrel, a break above which could lead to a gain into $66.70-$67.37 range.
The contract has stabilised around a support at $63.03, the 86.4% projection level of a downward wave c from $65.98. The subsequent bounce is so strong that it confirms a completion of the drop from $67.98.
After a brief consolidation, the contract has cleared a resistance at $64.64, the 38.2% retracement of the uptrend from $59.24 to $67.98. It is heading towards the peak of the wave b at $65.98.
A break below $64.64 could cause a fall into $63.03-$63.87 range. On the daily chart, a wave C from $51.64 is unfolding. It is capable of travelling to $71.93.
The correction triggered by the resistance zone of $65.65-$66.60 may have ended. Oil is poised to retest this zone.
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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