TECHNICALS-US oil may retest support at $62.52

SINGAPORE, Feb 16 (Reuters) - U.S. oil CLc1 may retest support at $62.52 per barrel, a break below that which could trigger a fall to $61.73.

The support is identified as the 61.8% projection level of a wave c from $65.85. Given that a wedge has been confirmed as a bearish pattern, suggesting a target of $60.45. The wave c may extend.

A break above $63.15 may lead to a gain to $63.79. On the daily chart, the market is poised to leave a rising channel. A duplicated channel suggests a target zone of $58.33 to $60.44, formed by the 14.6% and the 23.6% retracements of the downtrend from $78.35.

A break above $63.86 will not only lead to a gain to $66.63, but also suggest a continuation of the uptrend.

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.

​

​