Crude oil trading analysis: expected to fall to the range of $68.41-69.71
On Thursday (February 13th) during the Asian session, US crude oil continued its overnight decline, with orders reaching nearly 1% at one point, hitting a four day low of $70.67 per barrel. Reuters technical analysts pointed out on Thursday that, driven by the C wave, US crude oil is expected to fall to the range of $68.41 to $69.71 per barrel.
The C-wave has once again fallen below its 50% forecast level of $70.76, and it is likely to extend to $69.71. Assuming this wave is as long as the previous wave a, the contract may drop to $66.31, which is 100% level.
The resistance level is at $71.57, and breaking through this resistance level may push the price up to the range of $72.26-72.83. The daily chart shows that the contract has fallen below the support level of $71.19.
This drop not only opened the way to $68.93, but also erased the opportunity to continue the upward trend since $65.27.
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