SINGAPORE: Brent oil is expected to rebound into a range of $97.68-$98.08 per barrel, as indicated by its wave pattern and a Fibonacci projection analysis.
Oil is riding on a wave C, the third wave of a three-wave cycle that developed form the Sept. 15 low of $96.21.
The Fibonacci projection analysis indicates this wave, at its full capacity, may travel to $99.78, the 100 percent projection level.
However, there is another scenario that the cycle will be shaped into a triangle. Under this scenario, a cautious target could be either $97.68 or $98.08, respectively the 38.2 percent and the 50 percent projection levels.
A drop below $96.38 may be extended to $94.80.
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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