Brent oil may bounce to $66.46
- A further gain may signal a continuation of the uptrend from $60.27.
SINGAPORE: Brent oil may bounce to $66.46, as it has stabilised around a support at $64.58 per barrel.
The contract is riding on a wave C, which is expected to travel to $61.21.
This wave may adopt a very complex structure, consisting many small puzzling waves, as its projection levels failed to include the support at $64.58.
A retracement analysis also missed this support, which falls within the support zone of $64.18-$65.10. The bounce from $64.58 may end around $66.46.
A further gain may signal a continuation of the uptrend from $60.27.
On the daily chart, the current bounce could be roughly explained as a pullback towards a resistance at $66.15. A bearish target of $62.91 still remains intact, as pointed by a rising channel.
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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