TECHNICALS-US oil neutral in $63.95-$64.91 range
SINGAPORE, Feb 11 (Reuters) - U.S. oil CLc1 looks neutral in a narrow range of $63.95 to $64.91 per barrel, and an escape could suggest a direction.
The range is formed by the 23.6% and the 14.6% retracements in the uptrend from $55.81 to $66.47. A break below $63.95 may trigger a drop to $62.40.
However, the bias might be toward the upside, as the correction from $66.47 seems to take the shape of a wedge, which looks like a bullish continuation pattern, suggesting a strong surge.
A break above $64.91 could confirm the pattern and a target of $68.50. The wave pattern on the daily chart also indicates an upside bias, as the uptrend may have formed a double zigzag.
The seventh wave, the wave c might be unfolding toward $69.39.
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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