SINGAPORE: Brent oil may continue to slide further to $106 per barrel, to fill a gap on the hourly chart that formed on July 17.
This could be a common gap, as the rise from the July 15 low of $104.39 is classified as a rebound.
It is not very clear if the rebound extends, but at least the first leg of this rebound could be completed, should it extend later on.
Resistance is at $107.61, the 23.6 percent Fibonacci retracement on the rise from $104.39 to $108.60, a break above which will make signals neutral.
A further gain above $108.71, the 38.2 percent retracement on the fall from the June 19 high of $115.71 to $104.39, will confirm the extension of the rebound towards $110.05, the 50 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.
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