SINGAPORE: US oil may rise to $71.28 per barrel, as it has cleared a resistance at $69.96.
The roller-coaster move on Thursday may have been driven by a wave (4), which will be followed by a wave (5). Wave theory suggests this wave (5) be equal to the wave (1).
In light of this equality, the wave (5) may travel to about $73.57.
A break below $68.99 could be followed by a deep drop into the range of $66.42-$67.57.
On the daily chart, the uptrend remains intact.
It is extending towards $75, as indicated by a bullish triangle.
Wave pattern suggests the progress of a big wave C from $51.64, which may extend into a higher target zone of $79.68 to $84.47.
However, the immediate resistance at $71.93 should be watched out, as it may trigger a pullback towards the triangle.
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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