SINGAPORE: US oil may rise into a range of $82.94 to $83.88 per barrel, as it has stabilized around a support zone of $78.95-$80.19.
The stabilization suggests a completion of the fall from the Nov. 10 high of $84.97, which is categorised as a deep correction against the rise from the Nov. 4 low of $78.25. A break below $80.19 may cause a fall to $78.95.
Wave pattern suggests the progress of a wave V, which consists of five smaller waves.
The wave V-3 is unfolding rapidly towards $85.41, as it has a fierce character.
On the daily chart, three long-shadowed spinning tops forming between Nov. 11 and Nov. 15 are good enough to confirm a completion of the drop.
The uptrend from the Aug. 23 low of $61.74 remains steady and may have resumed towards a resistance at $85.14.
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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