SINGAPORE: US oil may break a support at $99.65 per barrel and fall into $94.85-$97.50 range.
The support is identified as the 50% projection level of a wave C from $108.75.
This wave is capable of travelling into a wide range of $90.55-$97.50.
A failure to break the support could signal an extension of the bounce from the March 29 low of $98.44.
Resistance is at $101.80, a break above which could lead to a gain into $104.45-$106.09 range.
On the daily chart, oil is poised to break the support at $98.16 and fall towards $93.79, driven by a wave C.
The big black candlestick on Thursday represents a strong bearish momentum.
A close above $102.52 on Friday will be regarded as a bullish signal.
OPEC+ sticks to modest oil output increase despite Western pressure
Oil may rise towards $107.92 thereafter.
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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