Brent oil may revisit April 20 high of $68.08
- On the daily chart, oil has edged up above a resistance at $66.15. It may gain more towards $68.14.
SINGAPORE: Brent oil may revisit its April 20 high of $68.08 per barrel, as it has broken a resistance at $66.47.
The break suggests an extension of the bounce from the April 22 low of $64.58 or a continuation of the uptrend from $61.25. It also confirms a small double-bottom which indicates a target of $68.08.
It seems oil intends to consolidate further in the range of $64.66-$68.08 over the next one or two weeks. A drop below $65.71, however, would make the target of $68.08 invalid, as oil may extend its loss to $64.66.
On the daily chart, oil has edged up above a resistance at $66.15. It may gain more towards $68.14.
It is still doubtful that the contract could break $68.14 and rise towards $71.38, unless a big white candlestick forms on Wednesday.
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