US oil may extend loss into $67.48-$68.37 range

SINGAPORE: US oil may extend loss into a range of $67.48 to $68.37 per barrel, driven by a wave c.

This wave has travelled below its 100% projection level of $69.80 and completed a pullback. It is unlikely to end around this level.

The deep drop on Tuesday confirmed the fierce character of the wave c, which may rapidly travel towards $67.48.

A break above $69.80 may lead to a gain into the $70.31-$70.69 range.

On the daily chart, oil has fallen below a neutral range of $70.02 to $75.62.

US oil may retest resistance $74.54

The deep fall is exactly the long-waited signal of the resumed downtrend towards $63.64. Market may fall three times faster than it rises.

It took oil around three weeks to climb to the May 24 high of $74.73.

Within one week, it may drop to the May 4 low of $63.64.