Brent oil may rise towards March 8 high of $71.38
- A wedge is contracting to a point, which looks more like a bullish continuation pattern. Once confirmed, it will suggest a target of $80.
SINGAPORE: Brent oil is poised to break a resistance at $69.87 per barrel, and rise towards the March 8 high of $71.38.
After its two failures, oil approached $69.87 again. This time, it is highly likely to overcome this barrier and rise more.
A wedge is contracting to a point, which looks more like a bullish continuation pattern. Once confirmed, it will suggest a target of $80.
Support is at $68.76, a break below could cause a fall to $67.14. On the daily chart, oil is expected to test a resistance at $70.75, a break above could lead to a gain to $73.50.
The rise from the March 24 low of $60.47 looks like a continuation of the uptrend from $35.74. But this trend will only be confirmed when oil breaks $70.75.
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.
Comments
Comments are closed for this article.