SINGAPORE: US oil looks neutral in a range of $59.64 to $60.94 per barrel, and an escape could suggest a direction.
A break above $60.94 could lead to a gain to $61.75, while a break below $59.64 could cause a fall into a zone of $57.83-$58.80.
Regardless of the future direction, the following move could be very strong, as the contract is about to break a falling trendline or fail again.
On the daily chart, oil looks sideways in a wider range of $57.88-$61.74.
The higher volatility on Monday indicates the consolidation around $59.81 is ending.
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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