US oil may fall to $76.63
- The bearish divergence on the hourly MACD worked effectively around a resistance at $79.99
SINGAPORE: US oil may fall to $76.63, as it has pierced below a support at $78.54 per barrel.
The bearish divergence on the hourly MACD worked effectively around a resistance at $79.99. The correction triggered by the resistance seems to be extending towards the $76.63.
Once oil drops to this level, a reversal of the uptrend from $62.43 could be confirmed. The corrective-wave structure the uptrend suggests a return of the price to $62.43 in due course.
A break above $79.45 could lead to a gain into $79.99-$81.12 range. On the daily chart, the correction from $85.41 followed the completion of a five-wave cycle from the 2020 low of negative $40.32.
Three big waves may make up the correction. The current wave B is ending, which is expected to be reversed by a downward wave C.
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.
Comments
Comments are closed.