Brent oil targets $62.44

SINGAPORE: Brent oil may break a resistance at $60.82 per barrel and rise further to $62.44, driven by a wave C.

This wave started at the Feb. 11 low of $53.91 and is capable of travelling to $67.72, its 100 percent projection level.

The resistance at $62.44, the 61.8 percent level, has temporarily stopped this wave and triggered a correction to the Feb. 19 low of $57.80.

Oil seems to have found a support around $57.80, provided by a rising trendline, and may have resumed its uptrend.

The nearest resistance is at $60.82, the 50 percent level, a break above which will lead to a further gain to $62.44.

Support is at $59.19, the 38.2 percent level, a break below which could trigger a further loss to $57.17, the 23.6 percent level.