SINGAPORE: Brent oil may slide to $105.98 per barrel, following its break below a support at $107.84.
The support was provided by the 61.8 percent Fibonacci retracement on the rise from the Nov. 8, 2013 low of $102.98 to the June 19 high of $115.71.
The next support will be at $105.98, the 76.4 percent retracement.
It is not very clear if oil could break $105.98 and fall more towards $102.98.
However, the big loss on July 11 does make this support look vulnerable.
A drop to $105.60 may confirm the break.
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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