US oil may rise to $72.39; inverted H&SH pattern confirmed
- An inverted head-and-shoulders has been confirmed, suggesting a target of $76.59
SINGAPORE: US oil may rise to $72.39 per barrel, driven by a strong wave c.
The rise from the Dec. 2 low of $62.43 consists of three waves.
The third wave is unfolding. It is expected to travel to $72.39, as it has extended above its 61.8% projection level of $69.80.
An inverted head-and-shoulders has been confirmed, suggesting a target of $76.59. A fall from the current level will be classified as a pullback towards the neckline of the pattern.
Brent oil may end bounce around $82.03; drop incomplete
Support is at $68.99, a break below which could cause a fall into $67.20-$68.19 range. On the daily chart, the current rise is still considered as a pullback towards a rising trendline, which establishes a resistance around $71.20.
Given that oil has broken a resistance at $69.36, it is likely to extend gains into $71.69-$73.13 range.
A break above $73.13 would alter the nature of the rise, from a simple pullback to a continuation of the uptrend.
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.