SINGAPORE: Brent oil may rebound moderately to a resistance at $61.89 per barrel, before falling again towards a support at $59.25.
The support and the resistance are identified respectively as the 200 percent and the 176.4 Fibonacci projection levels of a downward wave c that developed from the Nov. 21 high of $81.61.
A break above $61.89 may trigger a further gain to $63.52, the 161.8 percent projection level, while a drop below $60.28 will confirm the extension of the downtrend towards $59.25, the 200 percent projection level.
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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