US oil may end bounce around $62.62
- On the daily chart, the fall from $67.98 could last as long as the one from the Aug. 25, 2020 high of $43.57, which ended on Nov. 2, 2020.
SINGAPORE: US oil may end its bounce around $62.62 per barrel and test a support at $61.35 thereafter.
The bounce is classified as a part of a wave C which started at $64.24. This wave is capable of travelling to $57.25, the ending point of the preceding wave A.
A retracement analysis on the uptrend from $57.25 to $64.24 reveals the resistance at $62.59, the 23.6% level, which is strengthened by another one at $62.62.
Together, these resistances may help end the bounce. A break above $62.62 could lead to a gain to $63.88.
On the daily chart, the fall from $67.98 could last as long as the one from the Aug. 25, 2020 high of $43.57, which ended on Nov. 2, 2020.
The next part of the fall could be towards $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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