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US oil

US oil may rise into the $57.24-$57.55 range

US oil may rise into the $57.24-$57.55 range

  • The next resistance will be at $57.72, a break above which could lead to a gain to $58.55. A pennant suggests a target of $58.30 which falls within the range of $57.72-$58.55.
Published 05 Feb, 2021 11:57am
US oil may retest resistance at $52.98
Markets

US oil may retest resistance at $52.98

  • As long as the contract remains firm above a support at $52.34, the 23.6% retracement of the uptrend from $47.18 to $53.93, it may revisit the high of $53.93.
Published 27 Jan, 2021 10:12am
US oil may retest resistance at $52.98
Markets

US oil may retest resistance at $52.98

  • The trend from $53.93 may have reversed. It consists of three waves. The third wave labeled c is roughly equal to the first wave labeled a. This equality confirms the reversal of the trend.
Published 26 Jan, 2021 10:24am
Brent oil may rise into $56.21-$56.64 range
Markets

Brent oil may rise into $56.21-$56.64 range

  • Support is at $55.52, a break below which may cause a fall into $54.83-$55.18 range. On the daily chart, oil stabilised around a support at $54.50, the 261.8% projection level on the uptrend from $39.34.
Published 26 Jan, 2021 10:22am
US oil may test resistance at $49.83
Markets

US oil may test resistance at $49.83

  • On the daily chart, the uptrend looks steady. Wave pattern seems to be clearer. Based on the assumption that the wave 5 would be equal to the wave 1, the trend may extend far above $52.01.
Published 04 Jan, 2021 09:55am
US oil may test resistance at $48.42
Markets

US oil may test resistance at $48.42

  • The resistance is identified as the 7% retracement of the uptrend from $37.06 to $49.28. Support is at $47.50, a break below which could cause a fall to $46.40.
Published 22 Dec, 2020 10:06am