SINGAPORE: Brent oil may break support at $95.96 per barrel and fall more to $95.41, driven by a wave (5).
This is the fifth wave of a five-wave cycle falling from the Sept. 1 high of $103.30.
It is approaching $95.96, the 123.6 percent Fibonacci projection level, based on the fall from the Sept. 3 high of $103.13 to the Sept. 8 low of $99.36.
Experience indicates that the 123.6 percent projection level seldom works as a bottom or a top, as a result, the wave (5) may extend to $95.41, the 138.2 percent projection level.
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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