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US oil may rise into $73.87-$74.60 range

  • A moderate correction was triggered by the resistance at $73.34
Published July 9, 2021

SINGAPORE: US oil may break a resistance at $73.34 per barrel, and rise into $73.87-$74.60 range.

The fall from $76.98 consists of three waves. The wave b ended around $74.73, which works as a target for the current bounce.

A moderate correction was triggered by the resistance at $73.34. The correction may end above a support at $72.23.

A retracement analysis could also be applied to the rise from $70.76.

US oil may bounce to $73.34

The levels revealed might be too fine-tuned and so they make little sense.

A break below $72.23 would open the way towards $70.76-$71.67 range. On the daily chart, oil is riding on a wave 4, which is expected to be sideways, as the preceding wave 2 is sharp.

The wave 4 may develop in the range of $71.32 to $75.05 for a few days, to be then reversed by an upward wave 5.

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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