- The long-expected second correction may be developing towards $61.79, as indicated by a triangle.
SINGAPORE: US oil looks neutral in a range of $63.88-$65.45 per barrel. The bias seems to be towards the downside.
The contract failed again to break a resistance at $66.52. The failure suggests the formation of a triple-top around this level.
The pattern will be confirmed when oil breaks $63.88. It will then suggest a target around $60.
A break above $65.45 may lead to a gain to $66.52.
On the daily chart, oil failed to break a strong resistance zone of $65.65-$66.60.
The long-expected second correction may be developing towards $61.79, as indicated by a triangle.
The pattern appeared after an uptrend.
It looks like a bullish continuation pattern, which means the uptrend may resume upon the completion of the current correction.
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