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US oil

US oil remains neutral in $58.80-$60.04 range

US oil remains neutral in $58.80-$60.04 range

  • The bias could be towards the downside, as a wave C from the April 6 high of $60.90 looks incomplete. It is expected to travel below the March 23 low of $57.25.
Published 12 Apr, 2021 10:04am
US oil may test support at $59.08
Markets

US oil may test support at $59.08

  • However, it is not very clear if the contract bounces towards $61.70 first, before breaking $59.41. Signals on the hourly chart suggests a small chance of the bounce.
Published 03 Mar, 2021 10:04am
Brent oil may fall to $61.09
Markets

Brent oil may fall to $61.09

  • The trend was driven by a wave C, which is roughly equal to the preceding wave A. This equality suggests a reversal of the uptrend from the April 22, 2020 low of $15.98.
Published 03 Mar, 2021 10:02am
US oil may test support at $59.08
Markets

US oil may test support at $59.08

  • Due to a small congestion area forming between Feb. 19 and Feb. 22, oil may fail to break $59.08 in its first attempt. A bounce could occur around this level.
Published 02 Mar, 2021 10:10am
Brent oil may retest support at $64.58
Markets

Brent oil may retest support at $64.58

  • This wave could either end around $66.29 or extend a lot to $85.17. Regardless of the ending point of this wave, a consolidation around $66.29 is ongoing.
Published 01 Mar, 2021 10:09am
US oil may retest resistance at $62.78
Markets

US oil may retest resistance at $62.78

  • Based on the drop from this high to the Feb. 19 low of $58.59, oil is supposed to rise to $65.61. A break above $62.08 could signal the continuation of the uptrend.
Published 24 Feb, 2021 10:12am
US oil may test support at $58.13
Markets

US oil may test support at $58.13

  • A retracement analysis reveals an immediate support at $58.13, the 38.2% level, a break below which could open the way towards $56.85. A bounce from the current level may be limited to $59.33.
Published 19 Feb, 2021 11:33am