TECHNICALS-US oil may retrace toward $65.23
SINGAPORE, Feb 20 (Reuters) - U.S. oil CLc1 may retrace toward $65.23 per barrel, as it seems to have lost its bullish momentum around the Jan. 29 high of $66.48.
A pullback toward a wedge is yet to occur, which may be triggered by the resistance at $66.74, which is strengthened by the one at $66.48.
In addition, the rise from $62 might be too sharp to sustain. The bearish divergence on the hourly RSI confirms the exhaustion of the rally. A correction is due.
A break above $67.14 may lead to a gain into the $67.68 to $68.26 range. On the daily chart, the uptrend remains intact within a rising channel, which indicates a target of $69.39.
This reading confirms signals on the hourly chart that the market may only experience a shallow correction, which would develop in the form of a pullback.
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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