- It may experience the last correction before overcoming this strong barrier and rising towards $71.93.
SINGAPORE: US oil may fall to $64.71 per barrel, as it failed to break a resistance at $66.33.
The rise from the May 21 low of $61.56 looks too sharp to sustain.
The failure to break $66.33 works as a good excuse to bulls to retreat towards $64.71.
A break above $66.33 could lead to a gain to $67.01-$67.98 range, while a break below $64.71 could cause a fall to $63.28.
On the daily chart, oil seems to be unable to break a resistance zone of $65.65 to $66.60.
It may experience the last correction before overcoming this strong barrier and rising towards $71.93.
The contract has been very persistent in testing this zone.
Its persistence simply suggests a steady uptrend which may extend more when the current wedge completes.
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