US oil may fall to $59.78
- A break above $61.35 may lead to a gain to $62.62. On the daily chart, oil has broken a support at $61.74.
SINGAPORE: US oil may fall to $59.78, as it has cleared a support at $61.35 per barrel.
The contract is riding on a wave C which is capable of travelling to $57.25, the end point of the preceding wave A.
A realistic target will be $59.78 or $58.82.
The current fall has been controlled at the same time by a set of retracements of the uptrend from $57.25 to $64.24. After its failure to break $60.75, oil is poised to overcome this barrier and fall to $59.78.
A break above $61.35 may lead to a gain to $62.62. On the daily chart, oil has broken a support at $61.74.
It is falling towards the range of $57.88-$59.81.
Wave pattern suggests the progress of a wave c which may travel into a range of $55.50-$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.
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