Brent oil may rise into $66.45-$66.97 range again
- On the daily chart, oil failed to break a falling trendline.
SINGAPORE: Brent oil may rise into a range of $66.45-$66.97 per barrel again, as suggested by its wave pattern and a projection analysis.
The contract seems to be rising within an ascending wedge, which is contracting towards $68.07, the 638.2% projection level of the uptrend from $54.60.
The deep fall from $66.79 looks very similar to the one from the Feb. 18 high of $65.52. Such frequent drops suggest a weakening uptrend. The pace of the rally becomes irregular.
Following its stabilization around a support of $64.34, oil may have resumed its uptrend towards $68.07. A break below $64.34 could be followed by a drop into the range of $63.35-$63.85.
On the daily chart, oil failed to break a falling trendline.
The resistance at $66.29 presents a big challenge to bulls. A failure to overcome this barrier could result in a reversal of the uptrend from $35.74.
This week works as an important time window in the development of the chart. A break above $66.29 could open the way towards $71.75.
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.