AIRLINK 74.29 No Change ▼ 0.00 (0%)
BOP 4.98 Increased By ▲ 0.03 (0.61%)
CNERGY 4.36 Decreased By ▼ -0.01 (-0.23%)
DFML 39.14 Increased By ▲ 0.34 (0.88%)
DGKC 84.90 Increased By ▲ 0.08 (0.09%)
FCCL 21.20 Decreased By ▼ -0.01 (-0.05%)
FFBL 33.74 Decreased By ▼ -0.38 (-1.11%)
FFL 9.73 Increased By ▲ 0.03 (0.31%)
GGL 10.50 Increased By ▲ 0.08 (0.77%)
HBL 112.80 Decreased By ▼ -0.20 (-0.18%)
HUBC 136.22 Increased By ▲ 0.02 (0.01%)
HUMNL 11.90 No Change ▼ 0.00 (0%)
KEL 4.75 Increased By ▲ 0.04 (0.85%)
KOSM 4.50 Increased By ▲ 0.06 (1.35%)
MLCF 37.85 Increased By ▲ 0.20 (0.53%)
OGDC 136.21 Increased By ▲ 0.01 (0.01%)
PAEL 25.13 Increased By ▲ 0.03 (0.12%)
PIAA 19.75 Increased By ▲ 0.51 (2.65%)
PIBTL 6.70 Decreased By ▼ -0.01 (-0.15%)
PPL 122.00 Decreased By ▼ -0.10 (-0.08%)
PRL 26.70 Increased By ▲ 0.05 (0.19%)
PTC 13.98 Increased By ▲ 0.05 (0.36%)
SEARL 56.99 Decreased By ▼ -0.23 (-0.4%)
SNGP 67.90 Increased By ▲ 0.30 (0.44%)
SSGC 10.22 Decreased By ▼ -0.03 (-0.29%)
TELE 8.37 Decreased By ▼ -0.03 (-0.36%)
TPLP 11.15 Increased By ▲ 0.02 (0.18%)
TRG 63.25 Increased By ▲ 0.44 (0.7%)
UNITY 26.57 Increased By ▲ 0.07 (0.26%)
WTL 1.36 Increased By ▲ 0.01 (0.74%)
BR100 7,804 Decreased By -6 (-0.08%)
BR30 25,154 Increased By 4.2 (0.02%)
KSE100 74,929 Decreased By -27.7 (-0.04%)
KSE30 24,058 Decreased By -25.1 (-0.1%)

SINGAPORE: US oil may retest a support at $80.17 per barrel, as a correction from $85.38 looks incomplete.

The correction followed a five-wave cycle from $67.12, which peaked at $85.38.

It may extend into the territory of the wave (4) from $74.96 to $79.98.

A retracement analysis reveals a narrower range of $76.25-$78.40. Three small waves make up the correction.

The wave b is unfolding. It may end around $82.71 or extend a bit to $84.10.

This wave will be totally reversed by the wave c. On the daily chart, the hammer on Thursday is not regarded as a bullish reversal pattern yet, as the bearish divergence on the RSI has not be fully discounted.

Oil needs to drop further to lower this indictor, or at least to consolidate further by remaining flat.

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.

Comments

Comments are closed.