US oil may rise to $64.24
- On the daily chart, oil is heading towards $64.12, a break above which could open the way towards $66.65, the Jan. 8, 2020 high.
SINGAPORE: US oil may rise to $64.24 per barrel, as it has broken a resistance at $62.59.
The break confirmed a small double-bottom developing around $60.75, which suggests a target of $64.24. Oil is pulling back towards $62.59, now a support.
Only a fall below $62.04 could signal a continuation of the downtrend from $64.24. It is not very clear if oil could surge above $64.24, towards $65.45. A rising trendline does suggest such a possibility.
On the daily chart, oil is heading towards $64.12, a break above which could open the way towards $66.65, the Jan. 8, 2020 high.
It is still too early to conclude the uptrend from the Nov. 2, 2020 low of $33.64 has resumed, as the correction from $67.98 is expected to match the one from the Aug. 25, 2020 high of $43.57, which ended on Nov. 2, 2020.
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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