US oil may retest support at $69.72
- On the daily chart, a rising trendline points at a target zone from $66.44 to $67.59
SINGAPORE: US oil may retest a support at $69.72 per barrel, a break below which could cause a fall into $67.34-$68.66 range.
The downtrend from the July 6 high of $76.98 has continued. The trend is riding on a wave (c) from $74.23. This wave is expected to travel into a big range from $62.70 to $67.10.
In addition to the set of projection levels, the fall is controlled by a set of retracements on the rise from $65.21 to $74.23 as well.
Oil prices firm as US inventories decline
Resistance is at $70.78, a break above which could lead to a gain into $71.51-$72.10 range.
On the daily chart, a rising trendline points at a target zone from $66.44 to $67.59.
The black hammer appearing on Tuesday is not regarded as a bullish reversal pattern.
It is likely to be followed by another black candlestick, based on the current strong bearish momentum.
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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