US oil may keep bouncing to $68.49
- On the daily chart, oil failed to break a support at $66.44 again. Trending signals are rather mixed, as the tug of war between bulls and bears around $66.44 has not ended
SINGAPORE: US oil may keep bouncing to $68.49 per barrel, driven by a wave c.
The bounce from the Aug. 9 low of $65.15 seems to have extended. It consists of three waves. The current wave c may travel into a range of $68.49-$70.20.
Based on characteristic of the wave b, the wave c may end around $68.49.
Support is at $66.78, a break below which may signal the continuation of the downtrend towards $65.15.
Oil settles lower, pares losses despite weak economic data
On the daily chart, oil failed to break a support at $66.44 again. Trending signals are rather mixed, as the tug of war between bulls and bears around $66.44 has not ended.
The bias could be towards the downside, as oil has been repeatedly testing the support and a rising trendline. A break could open the way towards $63.86-$65.29 range.
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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