SINGAPORE: Brent oil is expected to revisit its Sept. 15 low of $96.21 per barrel, as it failed to break a resistance at $99.05.
The resistance is provided by the 14.6 percent Fibonacci retracement on the downtrend from the June 23 high of $115.66 to $96.21. Oil's failure to overcome this barrier signals the downtrend remains steady within a small falling channel and could be extending towards the lower channel line.
A rise to the Sept. 17 high of $99.61 could confirm a break above $99.05 and the 23.6 percent level at $100.80 will be targeted accordingly.
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.