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U.S. oil may rise to $64.71

  • In terms of duration or depth, the fall looks far from complete. Eventually, oil could drop to $62.13 again.
20 May, 2021

SINGAPORE: US oil may rise to $64.71 per barrel, as it has broken a resistance at $63.28.

The next resistance will be at $64.71, a break above which could lead to a gain to $65.59.

The current fall is regarded as a correction against the rise from $57.25, which took 39 trading days to complete.

In terms of duration or depth, the fall looks far from complete. Eventually, oil could drop to $62.13 again.

On the daily chart, the second correction triggered by the strong resistance zone of $65.65-$66.60 has more or less fulfilled its target of $61.79.

Oil may stabilise around $61.79 and then resume its uptrend.

The current consolidation seems to be confined within a triangle, which appeared after an uptrend, and is regarded as a bullish continuation pattern.

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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