SINGAPORE: Brent oil is biased to revisit the Thursday low of $110.37 per barrel, as a downward wave "c" seems incomplete.
This wave is expected to at least fulfill an estimated target of $109.41, the 61.8 percent Fibonacci projection level.
However, oil is suffering from weak momentum, making the fall towards $109.41 strategically valueless.
It might be possible for the fall to quicken once the $110.37 level is reached.
A climb above $112 will confirm a small double-bottom, pointing to $112.75.
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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