SINGAPORE: Brent oil may revisit its June 22 low of $107.03 per barrel, as the downtrend from $125.19 has resumed. The resumption was confirmed by the deep drop from the June 29 high of $120.41.
The drop has almost reversed by the rise from $107.03. The continuous chart was a bit distorted, due to the big monthly spread.
The September chart offers a smoother and more consistent reading.
A downward wave C seems to be unfolding towards $105.54, its 61.8% projection level.
Brent oil may retest support at $113.97
A break above $112.15 may lead to a gain into $113.71-$116.24 range.
On the daily chart, oil is riding on a wave (C) which could travel to $96.93, the bottom of the wave (A).
The support at $106.89 looks vulnerable under the second attacks by bears.
A break could open the way toward $96.93-$103.09 range.
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