TECHNICALS-US oil may retest support at $62.40
SINGAPORE, Feb 9 (Reuters) - U.S. oil CLc1 may retest a support at $62.40 per barrel, a break below which could trigger a fall towards $61.14.
The contract is riding on a wave c from $64.42, which is expected to travel into a range of $61.12 to $62.38, formed by its 100% and 61.8% projection levels.
Immediate resistance is at $63.64, a break above which may lead to a gain to $64.42. A further gain would suggest the continuation of the uptrend from $55.81.
On the daily chart, the contract may fall below the upper channel. The lower channel, which was duplicated from the upper one, suggests a target of $58.33.
Strategically, the target will be confirmed when the market falls below the February 6 low of $62.20.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her professionals or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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