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Markets

US oil may fall to $63.88

  • The uptrend from $33.64 remains unchanged.
07 May, 2021

SINGAPORE: US oil may fall to $63.88 per barrel, as it has broken a support at $65.45.

The failure of the contract to break a resistance at $66.52 suggests a continuation of the correction from $67.98. Three waves make up the correction.

The wave C is unfolding.

Based on the strength of the wave B, the wave C could be much short.

A trendline suggests a target of $62.62, while the wave 2 ended around $61.35, which may be approached as well.

Chances are the wave C could end in the zone of $61.35-$62.62.

On the daily chart, a resistance zone of $65.65-$66.60 triggered the second correction, which is expected to be shallower than the one from the March 8 high of $67.98.

The uptrend from $33.64 remains unchanged.

It is not very clear how deep this correction could be. Most likely, it will end in the range of $61.79-$64.18, which keeps with the analysis on the hourly chart.

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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