The support is identified as the 23.6% retracement of a five-wave cycle from $39.34. The wave c is expected to travel to $47.81, its 100% projection level.
SINGAPORE: Brent oil may break a support at $49.38 per barrel and fall towards $47.81, driven by a wave c.
The support is identified as the 23.6% retracement of a five-wave cycle from $39.34. The wave c is expected to travel to $47.81, its 100% projection level.
Resistance is at $50.56, a break above which could lead to a gain to $51.56.
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