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Markets

US oil to test support at $63.88

  • A break above $65.45 may lead to a gain to $66.52.
30 Apr, 2021

SINGAPORE: US oil is expected to test a support at $63.88 per barrel, a break below which could cause a fall to $62.62.

The contract failed to break a resistance at $65.45. The failure suggests a completion of a five-wave cycle from $57.25. This cycle has been driven by a bigger wave B, which will be reversed by a downward wave C.

A break above $65.45 may lead to a gain to $66.52.

The wave B seems to have developed within a rising wedge on the daily chart, which is a typical bearish continuation pattern.

Even if the uptrend from the November 2020 low of $33.64 has resumed, oil will have to face a strong resistance zone of $65.65-$66.60. The contract may start a correction as it did in February.

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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