SINGAPORE: A bullish target range of $90.51-$92.22 per barrel has been established for Brent oil as it has cleared a resistance at $86.67.
The resistance was provided by the 76.4 percent Fibonacci projection level of a downward wave C that developed from the June 19 high of $115.71. Theoretically, the way has been opened towards the 61.8 percent level of $92.22.
Based on the range of $84.12-$87.34, the Oct. 23 low and the Oct. 17 high, a lower target at $90.51 has been fixed at the same time. A drop below $86.10 could signal the break above $86.67 was false.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. 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.