Brent oil may slide more to $54.07
- Resistance is at $55.21, a break above could lead to a gain into $55.58-$56.17 range.
SINGAPORE: Brent oil may slide more to $54.07 per barrel, as suggested by its wave pattern and a projection analysis.
The drop from the Jan 13 high of $57.42 consists of three waves.
The current wave c is expected to travel to $54.39, its 100% projection level.
A fall to $54.39 will increase the chance of a further loss to $54.07.
The pattern from the Jan. 8 to Jan. 15 looks like a head-and-shoulders, which suggests a lower target around $53.
Resistance is at $55.21, a break above could lead to a gain into $55.58-$56.17 range.
On the daily chart, even though it is too early to assume a trend reversal, the big black candlestick on Jan. 15 does suggest a further dip. Most likely, oil would fall to $53.13, the 238.2% projection level of an uptrend from $39.34.
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.