US oil may bounce to $64.01 before falling
- The contract is riding on a wave c from $69.62, which is expected to travel to $60.54
SINGAPORE: US oil may bounce to $64.01 per barrel before resuming its downtrend towards $60.54.
The contract is riding on a wave c from $69.62, which is expected to travel to $60.54. The support at $61.77 temporarily stops the fall and triggers a bounce.
The bounce has briefly extended above $62.68. The bullish divergence on the hourly RSI suggests a further bounce towards $64.01.
A break below $61.77 could confirm the continuation of the downtrend towards $60.54. On the daily chart, a retracement analysis reveals a support of $61.91 which is close to $61.77 on the hourly chart.
Together, these support could stop the drop for one or two days.
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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