U.S. oil may bounce into $51.54-$52.65 range

• The contract found a strong support at $49.61, the 123.6pc projection level on a downward wave (3) from $59.73.

SINGAPORE: U.S. oil may bounce into a range of $51.54-$52.65 per barrel, as suggested by a projection analysis.

The contract found a strong support at $49.61, the 123.6pc projection level on a downward wave (3) from $59.73.

It failed twice to break this support. The failures suggest the development of a flat.

This pattern consists of three waves. The current wave c is capable of traveling into $51.54-$52.65 range. A break below $50.34 could open the way towards $49.61.