AIRLINK 72.03 Decreased By ▼ -2.07 (-2.79%)
BOP 5.02 Increased By ▲ 0.02 (0.4%)
CNERGY 4.38 Increased By ▲ 0.04 (0.92%)
DFML 28.87 Decreased By ▼ -0.67 (-2.27%)
DGKC 82.90 Decreased By ▼ -0.65 (-0.78%)
FCCL 22.32 Decreased By ▼ -0.11 (-0.49%)
FFBL 34.29 Decreased By ▼ -0.61 (-1.75%)
FFL 10.10 Increased By ▲ 0.23 (2.33%)
GGL 10.22 Increased By ▲ 0.22 (2.2%)
HBL 113.35 Increased By ▲ 1.35 (1.21%)
HUBC 140.90 Increased By ▲ 3.21 (2.33%)
HUMNL 8.03 Increased By ▲ 1.05 (15.04%)
KEL 4.45 Increased By ▲ 0.05 (1.14%)
KOSM 4.57 Decreased By ▼ -0.02 (-0.44%)
MLCF 38.30 Decreased By ▼ -0.25 (-0.65%)
OGDC 135.24 Decreased By ▼ -1.36 (-1%)
PAEL 26.68 Increased By ▲ 1.54 (6.13%)
PIAA 25.99 Decreased By ▼ -0.52 (-1.96%)
PIBTL 6.52 Decreased By ▼ -0.13 (-1.95%)
PPL 122.52 Decreased By ▼ -2.88 (-2.3%)
PRL 28.15 Decreased By ▼ -0.06 (-0.21%)
PTC 13.94 Decreased By ▼ -0.36 (-2.52%)
SEARL 55.50 Increased By ▲ 0.90 (1.65%)
SNGP 70.56 Decreased By ▼ -0.64 (-0.9%)
SSGC 10.49 Decreased By ▼ -0.01 (-0.1%)
TELE 8.61 Increased By ▲ 0.09 (1.06%)
TPLP 11.00 Increased By ▲ 0.06 (0.55%)
TRG 61.41 Increased By ▲ 0.71 (1.17%)
UNITY 25.27 Decreased By ▼ -0.06 (-0.24%)
WTL 1.29 Increased By ▲ 0.03 (2.38%)
BR100 7,655 Decreased By -9.6 (-0.13%)
BR30 25,091 Increased By 65.6 (0.26%)
KSE100 73,087 Increased By 322.6 (0.44%)
KSE30 23,730 Decreased By -45 (-0.19%)

SINGAPORE: US oil looks neutral in a range of $96.91 to $99.38 per barrel, and an escape could suggest a direction.

The drop from $109.81 may consist of either three waves or five waves.

It is not very clear that the current bounce is driven by a wave d.

The clear part is that a break above $99.38 may lead to a gain into $101.37-$103.36 range, while a break below $96.91 could confirm the continuation of the downtrend towards $92.93-$95.23 range.

On the daily chart, the consolidation from $116.64 has been shaped into a wedge, which may either turn out to be a bearish continuation pattern or a part of the big correction from $130.50.

US oil may fall into $95.23-$96.91 range

The focus is on a pivotal support at $93.79, a break below which could confirm the continuation of the downtrend towards $79.67.

The uptrend from $62.43 is likely to resume if oil keeps hovering above $93.79.

Comments

Comments are closed.