SINGAPORE: Brent oil may drop more to $80.15 per barrel, as it has broken a support at $82.87.
The support is identified as the 86.4 percent Fibonacci projection level of a downward wave C, which started at the June 19 high of $115.71. Based on this Fibonacci analysis, oil could eventually drop to the 100 percent level at $77.70.
A more proper target could be $80.15, the 76.4 percent Fibonacci projection level of a small wave c, the third wave of a presumed three-wave cycle that started at the Oct. 29 high of $87.94.
Before sliding further, oil may first rebound to $83.
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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