SINGAPORE: Brent oil may rise into a range of $103.96-$104.64 per barrel as its rebound from the Aug. 19 low of $101.07 seems to have extended.
The extension has been indicated by a break above a trendline descending from the June 23 high of $115.66.
A Fibonacci retracement on the fall the Aug. 8 high of $106.85 to $101.07 reveals resistance at $103.28, the 38.2 percent level, a break above which will confirm the extension towards the range of $103.96-$104.64, formed by the 50 percent and the 61.8 percent retracements.
Support will be at $102.43, the 23.6 percent retracement, a break below which will signal a completion of the rebound.
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.
Comments
Comments are closed for this article.