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Markets

US oil may fall to $62.33

  • A retracement analysis reveals that oil has pierced below a support at $63.53. Chances are it may drop to $62.33.
03 May, 2021

SINGAPORE: US oil may fall to $62.33 per barrel, as a five-wave cycle from March low of $57.25 has completed.

The completion has been confirmed by its five-wave structure and the deep drop from $65.47.

A retracement analysis reveals that oil has pierced below a support at $63.53. Chances are it may drop to $62.33.

These five waves make up a bigger wave B, which only reversed 76.4% of the wave A.

The downward wave C may have started, unfolding towards a wide range of $57.25-$60.39.

Resistance is at $64.27, a break above which could lead to a gain to $64.89-$65.47 range. On the daily chart, oil failed to break a strong resistance zone of $65.65-$66.60.

It could have started a correction which is expected to be shallower than the previous one 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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