US oil may rise into $59.95-$60.50 range
- A triple-bottom could be developing around $57.50. It will be confirmed when oil goes above $62.27. Even if this pattern turns out to be a flat consolidation within a range, oil is still likely to rise towards $62.27.
- A break below $57.88 will be a very bearish signal that the downtrend from $67.98 could have resumed towards $51.64-$55.50 range.
SINGAPORE: US oil may rise into a range of $59.95-$60.50 per barrel, following the completion of a three-wave cycle from $62.27.
A triple-bottom could be developing around $57.50. It will be confirmed when oil goes above $62.27. Even if this pattern turns out to be a flat consolidation within a range, oil is still likely to rise towards $62.27.
Support is at $58.73, a break below which could cause a fall to $57.63. On the daily chart, oil found a support at $57.88 again. Chances are it may consolidate in a range of $57.88-$61.74 for a few days.
A break below $57.88 will be a very bearish signal that the downtrend from $67.98 could have resumed towards $51.64-$55.50 range.
The analysis is based on delayed data, prediction may be affected. Charts are not available in reports received in email box through "Alert". To get charts, use the news code to retrieve the original reports.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. 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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