Brent oil neutral in $78.39-$79.40 range

SINGAPORE: Brent oil looks neutral in a range of $78.39- $79.40 per barrel, and an escape will point to a direction.

The range has been formed by the 14.6 percent and the 23.6 percent Fibonacci retracements on the fall from the Oct. 29 high of $87.94 to the Nov. 14 low of $76.76.

A break above $79.40 will open the way towards the 38.2 percent retracement at $81.03, while a drop below $78.39 could extend to $76.76.

The bias could be towards the downside.

The views expressed are his own.

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