SINGAPORE: Brent oil may break a resistance at $99.05 per barrel and rise more to $100.80, as indicated by a Fibonacci retracement analysis.
The current rebound from Sept. 15 low of $96.21 could be against the downtrend from the June 23 high of $115.66. The Fibonacci retracement on the trend reveals a minimum rebound target at $100.80, the 23.6 percent retracement.
The immediate resistance is at $99.05, the 14.6 percent level, which seems to have temporarily stopped the rebound. A rise above the Sept. 16 high of $99.45 will confirm both a break above the resistance and the target at $100.80.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
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