SINGAPORE: US oil may break a resistance at $77.58 per barrel and rise into $78.54-$79.18 range.
The rise on Tuesday suggests an extension of a wave (c) towards $78.54, its 114.6% projection level. This wave seems at the same time observe a set of projection levels on the uptrend from $65.60.
The resistance at $77.58 looks vulnerable, as bulls could have accumulated enough momentum after the correction to the Jan. 3 low of $74.27.
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.