Brent oil may retest support at $67.94
- Despite this consolidation, the uptrend looks intact. It may extend into a range of $77.96 to $85.17.
SINGAPORE: Brent oil may retest a support at $67.94 per barrel, a break below could open the way towards $66.88.
Following its failure to break a resistance at $70.07, oil fell deeply.
The fall signals an extension of the correction from $71.38.
Three waves may make up the correction.
The third wave labelled c is unfolding towards the bottom of the wave at $66.50, the March 10 low.
Resistance is at $69.26, a break above could lead to a gain into $70.07-$71.38 range.
On the daily chart, the resistance at $71.75 - the Jan. 8, 2020 high, is much stronger than expected.
The consolidation below this barrier may take a longer time to complete.
Despite this consolidation, the uptrend looks intact. It may extend into a range of $77.96 to $85.17.
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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