Aaj English TV

Friday, March 29, 2024  
18 Ramadan 1445  

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 ...

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.

For the latest news, follow us on Twitter @Aaj_Urdu. We are also on Facebook, Instagram and YouTube.

Oil prices

Brent crude oil

USA

Comments are closed on this story.

Comments

Taboola

Taboola ads will show in this div