Brent oil neutral in $62.84-$63.84 range
- On the daily chart, signals are mixed, as oil is consolidating around $62.91, the 38.2% retracement on the uptrend from $49.20 to $71.38.
SINGAPORE: Brent oil looks neutral in a range of $62.84 to $63.84 per barrel, and an escape could suggest a direction.
Instead of falling towards $61.22 again, oil edged up towards the resistance at $63.84 on Thursday.
This move signals a extension of the bounce from the April 5 low of $61.25.
It is not very clear how strong the extension is.
A break above $63.84 could lead to a gain into $64.68-$65.46 range.
A break below $62.84 may indicate a continuation of the downtrend towards $61.22.
On the daily chart, signals are mixed, as oil is consolidating around $62.91, the 38.2% retracement on the uptrend from $49.20 to $71.38.
The longer oil hovers above $62.91, the more likely it bounces towards $66.15.
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