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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 January 4, 2021

SINGAPORE: US oil may test a resistance at $49.83 per barrel, a break above which could lead to a gain to $50.66.

The resistance is identified as the 223.6% projection level of an uptrend from $37.06. Wave pattern suggests the progress of an upward wave V, which is expected to travel far above the recent high of $49.28.

Support is at $48.42, the 7% retracement of the uptrend from $37.06 to $49.28, a break below which could cause a fall to $47.50.

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.

The analysis is based on delayed data, prediction may be affected. Charts are not available in reports received in email box through "Alert". To get charts, use the news code to retrieve the original reports.

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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