SINGAPORE: Brent oil may retrace to a support at $107.06 per barrel, as its correction from the July 18 high of $108.62 seems to be incomplete.
The correction will consist of three waves, with the second wave labelled b having extended.
The third wave, the wave c, may travel to $107.06, the 23.6 percent Fibonacci retracement on the fall from the June 19 high of $115.71 to the July 15 low of $104.39.
Resistance is at $108.71, the 38.2 percent retracement, a break above which will lead to a further gain to $110.05, the 50 percent retracement.
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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