US oil may retest resistance at $73.57
- The wave C is going to either have an explosive run or end very soon.
SINGAPORE: US oil may retest a resistance at $73.57 per barrel, a break above which could led to a gain to $74.99.
The trend from $61.56 is riding on a wave C.
The first part of this wave has ended at the June 21 high of $73.96. The structure of this part looks confusing, as it could be well broken down into five smaller waves.
The wave C is going to either have an explosive run or end very soon.
Regardless of this exact structure of this wave, a projection analysis suggests a target zone of $74.99-$77.29. Support is at $72.70, a break below which could cause a fall into $71.28-$71.96 range.
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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