SINGAPORE: Brent oil is expected to test a support at $101.38 per barrel, a break below which will lead to a further loss to $100.17.
The support is provided by the 14.6 percent Fibonacci retracement on the downtrend from the July 25 high of $108.46 to the Sept. 2 low of $100.17, working as a barrier towards $100.17.
A failure to break the support would signal that the rebound from $100.17 may extend. Resistance will be at $103.34, the 38.2 percent level, a break above which will open the way towards the range of $104.32-$105.29, respectively the 50 percent and the 61.8 percent retracements.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
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