Crude Oil - 15-07-2013 U.S. oil is expected to revisit its July 11 low of $104.31 per barrel, as it may have completed a rebound from this level. A wave pattern on the hourly chart indicates the completion of a five-wave cycle rising from the June 24 low of $92.67. Over the next few trading sessions oil may fall towards $101.80, the 38.2 percent retracement on the cycle. The fall from $107.45 has been reversed about 61.8 percent by a rebound triggered by support at $103.96, the 23.6 percent level. A further rebound towards $107.45 seems less possible. Only a rise above $107.45 could confirm the extension of the uptrend towards $110.
Posted on: Mon, 15 Jul 2013 09:00:42 +0000
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