SINGAPORE: Brent oil may consolidate in a range of $115.38-$116.13 per barrel for one trading session, as it did not break the resistance at $116.13.
The range has been formed by the 61.8 percent and the 76.4 percent Fibonacci retracements on the fall from the Aug. 28 high of $117.34 to the Sept. 2 low of $112.20.
A valid break above $116.13 will be confirmed when oil rises above $116.56, the Sept. 6 high.
The rise from $112.20 has been presumed as a part of the correction from $117.34, and only a rise above $117.34 could signal a continuation of the preceding medium-term uptrend.
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.