SINGAPORE: Brent oil may break a support at $57.62 per barrel and fall more to $54.98, as it has resumed its downtrend.
The resumption has been confirmed by a fresh low at $57.37 which is lower than the Dec. 16 low of $58.50. Driven by a wave C, the trend has extended slightly below $57.62, the 214.6 percent Fibonacci projection level of this wave.
The next support will be at $54.98, the 238.2 percent level.
A drop to $57 may confirm both a break below $57.62 and the target at $54.98.
Resistance is at $59.25, the 200 percent level, a break above which will lead to a further gain to $60.77, the 186.4 percent projection level.
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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