-US oil may retest resistance at $117.02

Reuters10:44 PM ET, 04/06/2026

TECHNICALS-US oil may retest resistance at $117.02

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SINGAPORE, April 7 (Reuters) - U.S. oil CLc1 may test resistance at $117.02 per barrel, a break above which could lead to a gain into the $120.02-$121.86 range.

The contract has broken a lower resistance at $114.23 after failing twice. The break confirms an extension of the wave 3 toward $117.02.

It must be noted that this wave is capable of travelling into the $124.86-$129.07 range. A break below $114.23, now a support, may trigger a drop into the $109.18-$112.18 range.

On the daily chart, the contract seems to be riding on a wave (5), the fifth wave of an uptrend from $55.27.

This wave is expected to travel above the peak of the wave (3) at $119.40. The pattern between March 17 and March 27 looks like a bullish pennant, suggesting a much higher target around $150.

* 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.

 

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(Reporting by Wang Tao; Editing by Sonia Cheema)

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