Brent oil may fall into $55.21-$55.58 range
- On the daily chart, the correction is classified as a pullback towards a former resistance at $54.62, now a support. Wave pattern suggests the progress of a powerful wave C, which is capable of travelling to $66.29, its 100% projection level.
SINGAPORE: Brent oil may fall into a range of $55.21 to $55.58 per barrel, as it has broken a support at $56.17.
The support is identified as the 138.2% projection level of the wave (3) from $50.56. The first part of this wave has completed. Four smaller waves make up this part.
The current correction may extend towards the bottom of the wave 4 around $55.21. Resistance is at $56.17, a break above which could lead to a gain to $56.65.
On the daily chart, the correction is classified as a pullback towards a former resistance at $54.62, now a support. Wave pattern suggests the progress of a powerful wave C, which is capable of travelling to $66.29, its 100% projection level.
The uptrend is expected to resume upon the completion of the pullback around $54.62.
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.
Comments
Comments are closed for this article.