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