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Markets

US oil may retest support at $58.80

  • It is expected to break this level in its current attempt.
08 Apr 2021

SINGAPORE: US oil may retest a support at $58.80 per barrel, a break below could open the way towards $57.83.

The bounce from the April 5 low of $57.63 has completed, as it has been deeply reversed.

It was driven by a wave B, the second wave of a three-wave cycle from the March 30 high of $62.27.

This wave is expected to be totally reversed by the current wave C, which is observing closely a set of projection levels on a small wave c from $61.75.

Oil has briefly pierced below $58.80.

It is expected to break this level in its current attempt.

Resistance is at $60.04, a break above could lead to a gain into $60.44-$60.94 range.

On the daily chart, oil is consolidating within a narrow range of $57.88 to $59.81.

The bounce triggered by the support at $57.88 is much weaker than the one on March 24. That signals a possible break below $57.88.

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.