US oil may retest support at $62.62
- A break above $63.88 could lead to a gain into $64.57-$65.75 range.
SINGAPORE: US oil may retest a support at $62.62 per barrel, a break below which could cause a fall towards $61.35.
The contract faces a resistance at $63.88. The correction triggered by this barrier may consist of three parts. So far, only the first part is over.
The third part may develop around $63.88, where the second part is expected to end.
A break above $63.88 could lead to a gain into $64.57-$65.75 range.
On the daily chart, oil faces a similar resistance at $64.12. The sideways moves below this level over the past few days indicate a slim chance of a break above this barrier.
Most likely, the contract would retreat towards the range of $57.88-$59.81.
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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