SINGAPORE: Brent oil may gain more to $62.47 per barrel, as it could have completed a correction from the Nov. 7 high of $64.65.
The part of the correction from $64.32 could be broken down into three waves. This structure, along with the sharp surge from the Wednesday low of $61.13, strongly suggests a completion of the correction.
A Fibonacci retracement analysis reveals an immediate target at $62.47, the 38.2 percent level, a break above which could lead to a gain to $62.89.
Support is at $61.96, a break below which could cause a loss to $61.46.
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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