SINGAPORE: Brent oil is expected to end its current rebound from $104.39 around a resistance at $106.73 per barrel, as indicated by its wave pattern and a Fibonacci retracement analysis.
The rebound followed the completion of a wave (3), which started at $114.30, an hourly chart high touched on June 25. The Fibonacci retracement analysis on this wave reveals the immediate resistance at $106.73, the 23.6 percent level.
The rebound has been driven by a wave (4), which will be totally reversed by the downward wave (5).
A break above $106.73 will signal an extension of the wave (4) towards $108.18, the 38.2 percent retracement.
The views expressed are his own.
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.