Friday, 13 March 2015 10:09
SINGAPORE: US oil is expected to fall into a range of $ 45.93-$ 46.05 per barrel, as indicated by its wave pattern and a Fibonacci projection analysis.
The contract is riding on a wave c, the third wave of a bigger wave C that started at the March 5 high of $ 52.40. The wave c has traveled below a support at $ 47.27, its 100 percent projection level. Chances are this small wave may extend to $ 45.93, its 138.2 percent level.
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Slightly above this support is another one at $ 47.55, the 76.4 percent projection level of the wave C. Based on this projection analysis, the wave C may travel to $ 46.05, the 100 percent level.
A bounce from the current level could most likely be capped within the resistance zone of $ 47.27-$ 47.55.
Copyright Reuters, 2015
