SINGAPORE: Brent oil may seek support at $102.43 per barrel, a break below which will lead to a further loss to $101.91.
A previous target range of $103.96-$104.64 has been temporarily aborted, and will only be resumed when oil breaks resistance at $103.28, the 38.2 percent Fibonacci retracement on the fall from the Aug. 8 high of $106.85 to the Aug. 19 low of $101.07.
The retracement analysis also reveals two supports, at $102.43 and $101.91, respectively the 23.6 percent and the 14.6 percent levels. Wave pattern suggests the rebound from $101.07 may eventually extend above $103.28.
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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