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ARKETS US oil may retest resistance at $68.99

SINGAPORE: US oil may retest a resistance at $68.99 per barrel, a break could lead to a gain to $69.96. The ...
Published 02 Jun, 2021 01:27pm
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SINGAPORE: US oil may retest a resistance at $68.99 per barrel, a break could lead to a gain to $69.96.

The contract is riding on a wave C from $61.56. This wave is capable of travelling to $71.28. So far, it has been well controlled by a set of projection levels.

The wave C has a fierce character. It is not supposed to be disrupted by any deep correction.

The correction triggered by the resistance at $68.99 looks a bit exceptional. However, it may have completed around $67.57.

A break below $67.57 could open the way towards $66.42.

On the daily chart, oil has broken a wedge, which suggests a target around $75.

A realistic target will be $71.93. The former resistance zone of $65.65-$66.60 works as a strong support and a limit to a possible pullback towards the wedge.

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.

oil price

Brent crude oil

us oil

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