SINGAPORE: Brent oil is biased to break resistance at $109.85 and rise further to $110.60, driven by a wave c.
This is the third wave of a double-zigzag that started at the Oct. 1 low of $106.81. The first leg labelled a has completed, apparently consisting of five smaller waves marked 1, 2, 3, 4, 5.
These five waves simply indicate the short uptrend from $106.81 has not finished, instead, it may rise faster towards $110.60, the 61.8 percent Fibonacci projection level of the wave c.
Support is at $108.69, the 38.2 percent Fibonacci retracement on the rise from $106.81 to $109.85, a break below which will confirm a small double-top, pointing a target at $107.40.
No information in this analysis should be considered as being business, financial or legal advice. 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.