SINGAPORE: US oil may break a resistance at $61.38 per barrel and rise towards the next resistance at $62.26, as suggested by its wave pattern and a projection analysis.
These resistances are identified respectively as the 23.6 percent and the 38.2 percent projection levels of an upward wave C from $59.95. This wave is capable of travelling to $63.68.
Five smaller waves make up the wave C. So far, only the first two waves have unfolded. The current wave 3 is expected to be sharp and fierce.
It is supposed to easily overcome the barrier at $62.26.
A break below $60.83, however, could signal that something is wrong with the current wave count, and a bearish target at $59.95 will be established.
No information in this analysis should be considered as being business, financial or legal advice. 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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