SINGAPORE: US oil may retest a resistance at $95.52 per barrel, a break above leads to a gain into $97.07-$98.73 range.
The correction triggered by a former resistance at $94.38 was quickly reversed.
The reversal signals a steady uptrend. The trend is riding on a wave 5, which may travel to $97.07-$98.73 range, as pointed by a rising trendline.
US oil may test resistance at $95.52
Key support is at $92.72, a break below will not only cause a fall into a wide range of $88.36 to $91.37, but also confirm a reversal of the uptrend from $74.27.
On the daily chart, oil has broken a key resistance at $93.80. It is rising towards $96.69-$98.66 range.
The further oil rises, the more likely it would extend gains into a zone of $108.86 to $113.51.
A close below $93.82 on Tuesday could signal a weakness of the market. A further slide into $89.17-$91.50 range will be likely.
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 for this article.