- The wave C is expected to resume thereafter.
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.
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