US oil may test resistance at $64.61
- The current prediction is oil would fail again to break the zone and then start a correction which is much shallower than the one from $67.98.
SINGAPORE: US oil may test resistance at $64.61 per barrel, a break above which could lead to a gain to $65.79.
The contract seems to be riding on a wave (e), the fifth wave of a bigger wave B from the March 23 low of $57.25.
This wave may extend close to $65.79, as pointed by a rising trendline.
A downward wave C would then start, to deeply reverse the wave B. Support is at $63.42, a break below which could be followed by a drop into the zone of $62.01-$62.69.
On the daily chart, oil has broken a resistance at $64.12. It will test the next resistance zone of $65.65-$66.60, formed by the Jan. 8, 2020 high and the April 23, 2019 high.
The current prediction is oil would fail again to break the zone and then start a correction which is much shallower than the one from $67.98.
Only when the second correction is over, could the uptrend resume.
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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