SINGAPORE: Brent oil is expected to revisit its Nov. 14 low of $76.76 per barrel, as it could have completed a rebound from this level.
A Fibonacci retracement analysis on the fall from the Oct. 29 high of $87.94 to $76.76 reveals oil failed again to break resistance at $79.40, the 23.6 percent level.
The drop from the Nov. 18 high of $79.95 signals a continuation of the preceding downtrend.
A break above $79.40 will open the way towards the next resistance at $81.03, the 38.2 percent retracement, while a drop below $76.76 could extend to $74, a level pointed by a descending trendline.
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.