- A downward wave C is developing towards a range of $58.84-$61.37.
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.
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