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US oil neutral in $63.88-$65.45 range

  • The long-expected second correction may be developing towards $61.79, as indicated by a triangle.
19 May, 2021

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.

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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