SINGAPORE: Brent oil may break support at $77.34 per barrel and fall more to the next support at $76.02, driven by a wave c.
This is the third of a three-wave cycle that developed from the Oct. 29 high of $87.94. It is capable of travelling to $70.43, its 100 percent Fibonacci projection level.
The projection analysis reveals an immediate support at $77.34, the 38.2 percent level, which looks vulnerable in view of the fierce character of wave c.
Resistance is at $78.97, the 23.6 percent level, a break above which will lead to a further gain to $79.98, the 14.6 percent level.
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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