Brent oil still targets $68.07-$68.56 range
- A fall to $65.35 could signal the break above $66.29 was false, and a bearish target zone of $59.08-$62.14 will be established then.
SINGAPORE: Brent oil may retest a resistance at $67.57 per barrel, with a good chance of breaking above this level and rising into $68.07-$68.56 range.
The contract is still climbing within an ascending wedge, which is contracting towards $68.07, the 638.2% projection level of the uptrend from $54.60.
This wedge will be confirmed as a bullish continuation pattern, once oil clears the resistance at $68.07. It will suggest a target of $71.
Support is at $66.45, a break below which may cause a fall to $65.65.
The wedge will prove to be a top pattern once oil falls to $65.65. On the daily chart, oil has broken above a falling trendline and a key resistance at $66.29. It is expected to rise towards $71.75.
A fall to $65.35 could signal the break above $66.29 was false, and a bearish target zone of $59.08-$62.14 will be established then.
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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