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US oil

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
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
US oil may test resistance at $62.34
Markets

US oil may test resistance at $62.34

  • A fall from the current level is expected to end above a support at $61.02. A fall below this level could suggest the current wave count is incorrect. A review will be done then.
Published 18 Feb, 2021 11:14am
Brent oil still targets $64.34
Markets

Brent oil still targets $64.34

  • The resistance at $63.85 triggered a shallow correction, which seems to have ended around a support at $63.04. The contract is poised to retest $63.85 and rise towards $64.34.
Published 16 Feb, 2021 11:21am