US oil neutral in $58.80-$60.04 range
- On the daily chart, oil is stuck in a wider range of $57.88-$61.74.
SINGAPORE: US oil looks neutral in a range of $58.80 to $60.04 per barrel, and an escape could suggest a direction.
A break above $60.04 could lead to a gain into $60.94- $61.75 range, while a break below $58.80 could open the way towards the zone of $57.02 to $57.83.
Wave pattern suggests a downside bias, as a wave C from the April 6 high of $60.90 looks far from complete.
On the daily chart, oil is stuck in a wider range of $57.88-$61.74.
Until it gets out of this range, signals will remain mixed as well. Simply based on the weak bounce from the April 5 low of $57.63, oil is more likely to break $57.88 and fall towards $55.50.
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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