TECHNICALS-US oil may retrace to $63.95
SINGAPORE, Feb 12 (Reuters) - U.S. oil CLc1 may retrace to $63.95 per barrel, as it failed to break a resistance at $65.72.
The failure suggests the completion of a wave c from $62.20. Further indication of the completion comes from the division of this wave into five smaller waves.
The bottom of the wave 4 is around $63.95, which serves as a target. Indeed, a drop to $63.95 is highly likely to extend to $62.40.
A break above $65.72 may lead to a gain into $66.58 to $67.62 range. On the daily chart, a shooting star formed on Wednesday, indicating a weak bullish momentum.
Bulls may accumulate strength by retracing toward $63.86.
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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