SINGAPORE: Brent oil as it seems to have temporarily bottomed around support at $59.25 per barrel, and may approach resistance at $63.52 again to complete the current rebound.
Support is at the 200 percent Fibonacci projection level of a downward wave C that developed from the Nov. 21 high of $81.61. The rebound triggered by this support may consist of three waves, so far, only two have completed.
The third wave labeled c is expected to travel towards the peak of the first wave labeled a, around $63.52, the 161.8 percent projection level.
A drop to $60.30 could be extended to $59.25.
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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