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U.S. oil may rise into $50.08-$50.43 range

U.S. oil may rise into $50.08-$50.43 range

WASHINGTON: For more technical analyses, click SINGAPORE, Aug 7 (Reuters) – U.S. oil may break a resistance at $49.70 per barrel and rise into a range of $50.08-$50.43, as suggested by its wave pattern and a Fibonacci retracement analysis. For a chart: http://tmsnrt.rs/2fkM4Sv The resistance is identified as the 14.6 percent Fibonacci retracement of the uptrend from the July 24 low of $45.40 to the Aug. 1 high of $50.43.

The correction from this high seems to have completed, as it could be broken down into three waves. The third wave, labelled c, is shorter than the first wave, labelled a. This relation is acceptable given that the preceding uptrend from $45.40 looks sharp. However, it is critical for oil to stay above a support at $49.24, as a break below this could signal an extension of the correction towards $48.51.

For this report in Chinese, click: * Use EIKON “Alerts” to get reports sent to your email box automatically. For guidance, click http://tmsnrt.rs/29exTKN ** 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.