SINGAPORE: US oil may test a resistance at $106.09 per barrel, a break above could lead to a gain at $108.75. The nature of the rise on Monday remains unclear.
It could be a part of a flat pattern from the March 29 low of $98.44. Under this scenario, the rise may end below $108.75.
The rise could also be regarded as an extension of the uptrend from the March 15 low of $93.53.
A rise above $108.75 will confirm a double-bottom and a continuation of the uptrend.
Support is at $103.58, a break below could cause a fall to $101.80. On the daily chart, oil broke a resistance at $102.52.
The break opened the way towards $107.92.
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The bullish engulfing on Monday confirms a reversal of the short downtrend from $116.64. However, this pattern only makes much sense when oil breaks above $107.92.
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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