Subscribing is the best way to get our best stories immediately.
SINGAPORE: US oil may retest a support at $121.53 per barrel, a break below which could cause a fall into $115.52-$119.87 range.
A gap formed on Monday, which looks more like a common type than a runaway type, as it appeared in the process of a wave 5.
In terms of time, March 5 is an important day which is likely to see a deep correction or a reversal.
The contract failed to break a key resistance at $129.73. This failure means a lot, in conjunction with a possible completion of the wave 5. Market may have over-reacted on the possible sanction of Russian’s oil exports.
The strong gain on Monday is unlikely to sustain, instead, it may be wiped out soon.
A break above $126.92 may lead to a gain into $129.72-$132.93 range.
On the daily chart, the resistance at $128.61 may have triggered a pullback toward a falling trendline. This pullback is expected to be shallow, probably limited to $114.89, as the market sentiment is still extremely bullish.
Eventually, oil could overcome the barrier at $128.61 and revisit the 2008 high of $147.27.
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.
In the world of wellness and alternative medicine, people are constantly seeking natural remedies to improve their health and well-being. One such product that has gained considerable attention...
Read more