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U.S. oil to bounce to $48.45

U.S. oil to bounce to $48.45

WASHINGTON: U.S. oil is expected to bounce to a resistance at $48.45 per barrel, as it has found a support at $47.23. For a chart: http://tmsnrt.rs/2i4zk3w The resistance and the support are identified respectively as the 23.6 percent and the 38.2 percent Fibonacci retracements of a three-wave cycle from the June 21 low of $42.05 to the Aug. 1 high of $50.43. It is not very clear if the cycle peaked at $50.43 or the Aug. 10 high of $50.22. If the high of $50.43 is regarded as the real top, the recovery of price from the Aug. 15 low of $47.02 will be a resumption of the uptrend from $42.05.

Otherwise, it could simply be a bounce that may end below the Aug. 14 high of $49.16. A correction from the current level may be limited to $47.23. 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.