AIRLINK 62.40 Decreased By ▼ -0.08 (-0.13%)
BOP 5.34 Decreased By ▼ -0.02 (-0.37%)
CNERGY 4.49 Decreased By ▼ -0.09 (-1.97%)
DFML 15.40 Decreased By ▼ -0.10 (-0.65%)
DGKC 65.28 Decreased By ▼ -1.12 (-1.69%)
FCCL 17.26 Decreased By ▼ -0.33 (-1.88%)
FFBL 27.65 Decreased By ▼ -0.05 (-0.18%)
FFL 9.31 Increased By ▲ 0.04 (0.43%)
GGL 9.99 Decreased By ▼ -0.07 (-0.7%)
HBL 105.00 Decreased By ▼ -0.70 (-0.66%)
HUBC 121.25 Decreased By ▼ -1.05 (-0.86%)
HUMNL 6.50 Decreased By ▼ -0.10 (-1.52%)
KEL 4.45 Decreased By ▼ -0.05 (-1.11%)
KOSM 4.49 Increased By ▲ 0.01 (0.22%)
MLCF 35.60 Decreased By ▼ -0.60 (-1.66%)
OGDC 122.40 Decreased By ▼ -0.52 (-0.42%)
PAEL 22.72 Decreased By ▼ -0.28 (-1.22%)
PIAA 31.54 Increased By ▲ 2.20 (7.5%)
PIBTL 5.78 Decreased By ▼ -0.02 (-0.34%)
PPL 107.00 Decreased By ▼ -0.50 (-0.47%)
PRL 27.17 Decreased By ▼ -0.08 (-0.29%)
PTC 18.58 Increased By ▲ 0.51 (2.82%)
SEARL 52.40 Decreased By ▼ -0.60 (-1.13%)
SNGP 62.68 Decreased By ▼ -0.53 (-0.84%)
SSGC 10.59 Decreased By ▼ -0.21 (-1.94%)
TELE 9.11 Decreased By ▼ -0.09 (-0.98%)
TPLP 11.40 Decreased By ▼ -0.04 (-0.35%)
TRG 70.00 Decreased By ▼ -0.86 (-1.21%)
UNITY 23.55 Decreased By ▼ -0.07 (-0.3%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,926 Decreased By -17.6 (-0.25%)
BR30 22,666 Decreased By -161.2 (-0.71%)
KSE100 66,952 Decreased By -190 (-0.28%)
KSE30 22,052 Decreased By -38 (-0.17%)

SINGAPORE: US oil may test a support at $90.02 per barrel, a break below which could open the way towards $88.36.

The contract faces a strong resistance at $92.72.

It is unlikely to overcome this barrier and rise more, simply due to the completion of a five-wave cycle.

The fifth wave labelled 5 may consist of three waves, instead of the common five waves.

Even though such a structure looks strange, it does appear occasionally.

A break above $92.72 may lead to a gain to $94.38.

Oil slips from 7-year highs ahead of more US-Iran talks

On the daily chart, the contract failed to break the upper trendline of an expanding wedge which establishes a resistance around $93, close to $92.72 (hourly chart).

Based on its historical performances around the trendline, oil is likely to drop deeply.

Whether the following drop is similarly deep as the preceding ones is still subject to further observation. A realistic target zone could be from $86.30 to $89.17.

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.