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Markets

US oil may fall to $69.35

  • The lower channel suggests a target around $67.59, which will be confirmed when the support at $69.02 is broken
19 Jul 2021

SINGAPORE: US oil may fall to $69.35 per barrel, as it has broken a support at $70.81.

The break confirmed a continuation of a wave c toward $69.35, its 100% projection level. A retracement analysis on the uptrend from $61.56 to $76.98 reveals a break below $71.09, the 38.2% level. The break may have caused a fall towards $69.27, near $69.35.

Resistance is at $71.09, a break above which could lead to a gain into $71.71-$72.44 range. On the daily chart, the contract broke a support at $71.32, the break confirmed an escape of the contract from the upper channel and new price range defined by the lower channel.

The lower channel suggests a target around $67.59, which will be confirmed when the support at $69.02 is broken.

Novak says Russia to raise oil output in H2

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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