US oil may rise into $73.57-$74.99 range
- Support is at $71.96, a break below which could cause a fall into a zone of $70.60-$71.28.
SINGAPORE: US oil may break a resistance at $72.70 per barrel, and rise into $73.57-$74.99 range.
The contract is riding on a wave (5), which is expected to be roughly equal to the wave (1), to travel to about $73.57. This wave seems to be accelerating.
Oil has briefly pierced above $72.70, which is unlikely to stop the rise and trigger a correction. Once the contract rises above $73.57, it is likely to surge into $74.99-$77.29 range.
Support is at $71.96, a break below which could cause a fall into a zone of $70.60-$71.28.
On the daily chart, oil broke a resistance at $71.93. The break opened the way towards $74.89. A bullish triangle suggests a similar target.
Wave pattern indicates the progress of a big wave C from $51.64, which may extend into a higher target zone of $79.68 to $84.47.
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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