SINGAPORE: US oil may fall to $74.09 per barrel, as it has completed a bounce from $73.80. Three waves make up the bounce. The wave b ended at $74.09, which may be revisited over the next few days.
Once the contract drops to this level, it will be deprived of the chance to extend its bounce.
Immediate resistance is at $76.13, a break above which could lead to a gain into $76.76-$77.15 range.
On the daily chart, the appearance of a black candlestick on Monday explicitly signals a completion of the pullback towards $77.24.
Oil prices tick up ahead of Fed, OPEC decisions
Oil is poised to drop towards $71.76.
A break above $77.24 will complicate the picture, with a bullish target of $80.62 to be established accordingly.
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