U.S. Oil Poised To Break Resistance At $50.43

U.S. Oil Poised To Break Resistance At $50.43

U.S. oil is poised to break resistance at $50.43 per barrel, as suggested by an inverted head-and-shoulders, the wave pattern and a Fibonacci projection analysis.The resistance is provided by the Aug. 1 high. It triggered a pullback towards the neckline of an inverted head-and-shoulders, which suggests a target around $53. The pullback seems to be over. Wave pattern shows that oil is riding on a wave c from the Sept. 11 low of $47. This wave is capable of travelling to $50.84, its 100 percent Fibonacci projection level. Support is at $49.37, a break below which could cause a loss to $48.92.  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. Read More…

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