SINGAPORE: A bearish target at $110.02 per barrel remains unchanged for Brent oil, as indicated by its wave pattern and a Fibonacci projection analysis.
The contract is still riding on a downward wave c, unfolding towards its 100 percent Fibonacci projection level at $110.02.
A Fibonacci retracement analysis on the rise from the Nov. 5, 2012 low of $104.76 to $119.17 reveals oil has cleared a support at $111.97, the 50 percent level, and the next support is at $110.26, close to $110.02.
A rebound may not occur until oil reaches $110.02.
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.
Comments
Comments are closed for this article.