epaselect epa08348372 Pump jacks operate in the oil fields near Midland, Texas, USA, at sunrise 07 April 2020. Midland, Texas is a city in western Texas, part of the Permian Basin area. Low oil prices are reportedly causing also the gas prices to drop dramatically. EPA-EFE/LARRY W. SMITH

US Oil may Rise into $74.98-$76.59 Range

US oil may retest a resistance at $73.99 per barrel, a break above which could lead to a gain into $74.98-$76.59 range.
The contract is riding on a fierce wave (c), which has briefly travelled above the peak of the wave (a) around $72.87. It is expected to extend into $74.98-$76.59 range.
A projection analysis on this wave itself reveals a target of $76.95, which is close to $76.59. The contract triggered a shallow correction which may end in the support zone of $72.20- $72.87, formed by a trendline support and the 107% projection level.
On the daily chart, a high-low bottom from the Dec. 2 low of $62.43 has been almost confirmed. It indicates a target of $79.23.
Ideally, oil should stand firm above the rising trendline on Monday. A close below this trendline, especially a break below $71.69 will cloud the bullish outlook.
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.

About Parvin Faghfouri Azar

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