TECHNICALS-US oil biased to retest resistance at $65.70
SINGAPORE, Feb 27 (Reuters) - U.S. oil CLc1 is biased to retest resistance at $65.70 per barrel, a break above which may trigger a gain to $66.74.
The high volatility during the previous trading session indicates the formation of an uptrend, as the fall from $67.28 might be an overextended pullback toward a bullish wedge.
It is a bit difficult to figure out the depth of the fall from $66.71, which may end at the level above $63.71. The favourite endpoint of the fall is $64.65, as a further drop may raise some doubt on whether the uptrend would develop.
On the daily chart, a correction triggered by the resistance at $66.63 might have completed around $63.86. The uptrend will be considered intact as long as the market hovers above $63.86.
A break below this support would violate the rising channel and open the way toward $60.44.
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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