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Monday, July 4, 2022

US oil may fall towards $107.59

SINGAPORE: US oil may break a support at $109.11 per barrel, and fall towards the next support at $107.59.

The correction triggered by the resistance at $114.14 adopted a zigzag mode, consisting of three waves.

The current wave c is expected to travel to $107.59.

Even though a further fall is likely, it is not very clear if the downtrend from $115.56 has resumed.

About 86.4% of the trend was reversed. Such a reversal was unlikely to occur if the downtrend is strong enough to resume and extend below $105.13.

US oil may retest resistance at $114.14

Resistance is at $110.35, a break above which may lead to a gain into $111.58-$113.10 range.

On the daily chart, oil could be retracing towards the lower shadow of the hammer forming on May 19 to seek some support.

This hammer formed a bullish reversal signal together with the following white candle. It confirmed a continuation of the uptrend.

Based on this interpretation, oil may end its correction in the support range of $105.13-$107.65.

US oil may fall towards 7.59

Source: Brecorder

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