US oil may retest resistance at $76.14
- The contract is riding on a wave C, which may travel $77.29, as it shows no sign of completion around $74.99
SINGAPORE: US oil may retest a resistance at $76.14 per barrel, with a good chance of breaking above this level and rising towards $76.83-$77.29 range.
The contract is riding on a wave C, which may travel $77.29, as it shows no sign of completion around $74.99.
Another projection analysis on the uptrend from $69.77 suggests a similar target of $76.83.
Even though the trend develops in slow pace, it looks extremely strong, in view of its wave structure. A correction may be limited to $74.14.
On the daily chart, the contract is expected to rise towards $78.47, as it has cleared a resistance at $74.42, the 50% projection level of an upward wave C from $57.25.
Based on this wave count and the projection analysis, oil may eventually extend its gains to $91.59.
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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