SINGAPORE: US oil may edge up to $62.62 per barrel before retesting a support at $60.75.
The contract is riding on a wave C which is capable of travelling to $57.25, the ending point of the preceding wave A.
In addition to the various projection levels, the current fall has been controlled by a set of retracements of the uptrend from $57.25 to $64.24.
The support at $60.75 triggered the current bounce which may end around $62.62.
The wave C is expected to resume thereafter.
On the daily chart, the current correction from $67.98 is considered as to the same degree with the one from the Aug. 25, 2020 high of $43.57, which lasted until Nov. 2, 2020.
In terms of duration, the current correction appears to be far from complete.
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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