SINGAPORE: US oil may break a resistance at $48.42 per barrel and rise into $49.28-$49.83 range.
The resistance is identified as the 7% retracement of the uptrend from $37.06 to $49.28. The correction from $49.28 may have completed, as suggested by the surge on Wednesday.
A projection analysis on the uptrend reveals a target zone of $50.66-$52.01, which will be available when oil climbs above $49.28.
Support is at $47.50, a break below which could cause a fall to $46.40.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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