ANL 12.51 Decreased By ▼ -0.11 (-0.87%)
ASC 14.75 Increased By ▲ 0.10 (0.68%)
ASL 15.18 Decreased By ▼ -0.42 (-2.69%)
AVN 106.50 Increased By ▲ 2.25 (2.16%)
BOP 8.40 Decreased By ▼ -0.02 (-0.24%)
CNERGY 6.07 Decreased By ▼ -0.40 (-6.18%)
FFL 9.08 Decreased By ▼ -0.09 (-0.98%)
FNEL 8.60 Decreased By ▼ -0.35 (-3.91%)
GGGL 13.21 Decreased By ▼ -0.19 (-1.42%)
GGL 20.36 Decreased By ▼ -0.52 (-2.49%)
GTECH 9.59 Decreased By ▼ -0.11 (-1.13%)
HUMNL 6.77 Increased By ▲ 0.17 (2.58%)
KEL 3.10 Decreased By ▼ -0.06 (-1.9%)
KOSM 4.20 Decreased By ▼ -0.14 (-3.23%)
MLCF 33.30 Decreased By ▼ -0.35 (-1.04%)
PACE 4.18 Decreased By ▼ -0.02 (-0.48%)
PIBTL 7.28 Increased By ▲ 0.04 (0.55%)
PRL 14.04 Decreased By ▼ -0.30 (-2.09%)
PTC 8.65 Decreased By ▼ -0.03 (-0.35%)
SILK 1.33 Decreased By ▼ -0.01 (-0.75%)
SNGP 33.45 Decreased By ▼ -0.35 (-1.04%)
TELE 17.68 Decreased By ▼ -0.20 (-1.12%)
TPL 13.00 Decreased By ▼ -0.50 (-3.7%)
TPLP 27.90 Decreased By ▼ -0.12 (-0.43%)
TREET 38.72 Decreased By ▼ -0.97 (-2.44%)
TRG 80.67 Decreased By ▼ -2.63 (-3.16%)
UNITY 27.25 Decreased By ▼ -0.60 (-2.15%)
WAVES 14.97 Decreased By ▼ -0.08 (-0.53%)
WTL 2.16 Decreased By ▼ -0.06 (-2.7%)
YOUW 8.20 Increased By ▲ 0.11 (1.36%)
BR100 4,584 Decreased By -12.5 (-0.27%)
BR30 17,433 Decreased By -348.6 (-1.96%)
KSE100 44,940 Decreased By -78.2 (-0.17%)
KSE30 17,710 Decreased By -37.4 (-0.21%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,105
824hr
Pakistan Cases
1,374,800
7,19524hr
Sindh
526,899
Punjab
464,431
Balochistan
33,941
Islamabad
118,292
KPK
185,340
Markets

US oil may retest support at $63.88

  • The current correction could complete around $61.79, as suggested by a possible triangle.
12 May, 2021

SINGAPORE: US oil may retest a support at $63.88 per barrel, a break below could cause a fall to $62.62.

The unexpected strong bounce on Tuesday is classified as a part of the consolidation from the May 7 low of $63.90.

The downtrend from the May 5 high of $66.76 remains intact and may extend below $63.88, as the trend could be riding on a wave C, the third wave of a three-wave cycle from the March 8 high of $67.98.

This wave may be much shorter than the wave A, probably to end in $61.35-$62.62 range, based on the strength of the wave B. A rise above $65.75 may be extended to $66.52.

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

The current correction could complete around $61.79, as suggested by a possible triangle.

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.

Comments

Comments are closed.