Crude oil trading analysis: US crude oil may rise to $71.30 per barrel
On Monday (March 3), in the morning session of the Asian market, Brent crude oil opened slightly higher and then fluctuated and fell back, currently trading around $70.08 per barrel.
Reuters technical analysts pointed out on Monday that US crude oil may continue to rise to $71.30 per barrel, driven by the C wave.
This upward trend started at $69.13 and briefly broke through its 61.8% forecast level of $70.47, and is likely to continue its rise to the 100% forecast level of $71.30.
The retracement analysis from the drop of $73.26 shows a similar target of $71.39, which is the 61.8% retracement level. If this wave is much weaker than expected, it may not reach $70.79.
The support level is at $70.22, and falling below this level may cause the price to drop to the range of $69.45 to $69.64. On the daily chart, the contract showed a series of retracements in an upward trend from $65.28 to $80.77.
After stabilizing around the support level of $68.93, oil prices may test the resistance level of $71.19, and breaking through this resistance level could open the way to $73.02. Further increase may mean a reversal of the downward trend starting from $80.77.
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