US oil may fall into $62.58-$63.61 range
- It must be noted that the uptrend remains steady, as a wave C is capable of travelling to $71.93.
SINGAPORE: US oil may break a support at $64.64 per barrel, and fall into a range of $62.58 to $63.61.
The drastic fall on Monday signals an extension of the downtrend from the March 8 high of $67.98. Three waves make up the trend.
The third wave labelled c is unfolding towards the bottom of the wave at $63.13, the March 10 low. Once oil falls to this low, it may slide a bit more to $62.58, the 61.8% retracement.
A rise above $65.54 may signal a continuation on the uptrend from $63.13, towards $66.70. On the daily chart, oil may consolidate further below a resistance zone of $65.65-$66.60.
It must be noted that the uptrend remains steady, as a wave C is capable of travelling to $71.93.
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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