Brent oil may edge up into $64.46-$65.22 range
- A break above $66.15 could lead to a gain into $68.14-$71.38 range.
SINGAPORE: Brent oil may edge up into a range of $64.46-$65.22 per barrel, as it has climbed above a resistance at $63.85.
The contract is presumed to be riding on a wave c from $61.25, which could end at $64.46 or extend to $66.44.
The market is suffering from a weak momentum, which puts the wave c in a awkward situation that it has to unfold slowly.
Support is at $63.23, a break below which could cause a fall into $61.25-$62.47 range. On the daily chart, a wave b seems to be extending towards $66.15.
This wave count suggests an ending point of the wave b around $66.15, which will be then reversed by a downward wave c. A break above $66.15 could lead to a gain into $68.14-$71.38 range.
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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