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Markets

US oil may revisit April 30 low of $63.08

  • A downward wave C is developing towards a range of $58.84-$61.37.
04 May 2021

SINGAPORE: US oil may revisit its April 30 low of $63.08 per barrel, as a wave B 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 downward wave C is developing towards a range of $58.84-$61.37.

The bounce triggered by the support at $62.94 seems to be ending around $64.72. The contract may resume its fall.

A break above $64.72 could lead to a gain into $65.47-$66.52 range.

On the daily chart, oil approached a strong resistance zone of $65.65-$66.60 again.

The uptrend from the March low of $57.25 has been confined within a rising wedge, which is generally a bearish pattern, to be followed by a drop.

This drop will be regarded as the second correction caused by the resistance zone.

It 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.