SINGAPORE: US oil may end its bounce around a resistance at $77.62 per barrel and retest a support at $74.17 thereafter.
The bounce from the Dec. 9 low of $70.08 consists of three waves.
The current wave c is still unfolding towards $77.62.
This wave looks extremely weak.
Oil prices pare gains on US winter storm worries
It is highly likely to complete around $77.62. A break below $75.49 may signal the completion of this wave.
A break above $77.62 could lead to a gain into $78.94-$79.75 range.
Comments
Comments are closed.