U.S. oil NYMEX:CL1! may retest support at $69.13 per barrel; a break could trigger a fall to $66.35.
The contract has briefly pierced below this support, suggesting an extension of the wave (5). It is generally challenging to predict the exact endpoint of this wave.
However, the wave (5) seems to be following a serious projection level on the downtrend from $95.44. Resistance is at $70.85; a break above it may lead to gains into the $71.91-$72.56 range.
* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - a London Stock Exchange product.
** 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.