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U.S. oil may retest resistance at $47.73

U.S. oil may retest resistance at $47.73

WASHINGTON: U.S. oil may retest a resistance at $47.73 per barrel, a break above which could lead to a gain to the next resistance at $48. For a chart: These resistances are identified respectively as the 61.8 percent and the 76.4 percent Fibonacci projection levels of an upward wave c, the third wave of a three-wave cycle from the Aug. 31 low of $45.58. At its full capacity, this wave may extend to $48.45.

On the daily chart, oil has climbed above a resistance at $47.09, the 38.2 percent Fibonacci retracement on the downtrend from the Jan. 3 high of $55.24 to the June 21 low of $42.05. It is heading towards $48.65, which is close to $48.45. For a chart: Support is at $47.28, a break below which may cause a loss limited to the support at $47.01, which is strengthened by a similar support established by a falling trendline. For this report in Chinese, click: * Use EIKON “Alerts” to get reports sent to your email box automatically. For guidance, click ** 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 own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.