US oil may bounce towards $74.03; trend at crossroads
- The contract has bounced above the 61.8% retracement of $70.77
SINGAPORE: US oil may bounce towards $74.03 per barrel, following its stabilization around a support at $67.29.
A retracement analysis suggests the fall from $84.97 could be against an uptrend form $10.07, as both the 7% and the 23.6% retracements work as precise supports.
A pullback towards a rising trendline has been triggered, which may extend to $74.03. A further gain could suggest a resumption of the uptrend towards the $79.73 to $84.97 range.
On the hourly chart, oil observes closely a set of retracements on the rise from $61.74 and a set of projection levels on the fall from $84.97.
Brent oil may test $81.06; uptrend still unsteady
The contract has bounced above the 61.8% retracement of $70.77.
It is likely to extend its gains to $73.56, near $74.03 (daily chart).
A break below $70.77 could be followed by a drop into the $67.99 to $69.67 range.
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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