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Markets

US oil may rise to $67.98

  • The second correction triggered by this zone looks too shallow, casting some shadow on the current rise.
Published May 18, 2021

SINGAPORE: US oil may break a resistance at $66.52 per barrel, and rise to $67.98.

The contract failed twice to overcome this barrier, it may succeed in its current attempt.

This is the last obstacle to $67.98.

It is critical that the contract stays above a pivotal support at $65.45, as a break below which may signal the formation of a triple-top around $66.52.

On the daily chart, oil is retesting a strong resistance zone of $65.65-$66.60. Confirmation of a break above this zone will be when oil stands firm above $67.14.

The second correction triggered by this zone looks too shallow, casting some shadow on the current rise.

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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