SINGAPORE: Brent oil may slide more to $51.73 per barrel, as indicated by its wave pattern, a Fibonacci projection analysis and a falling channel.
Due to the sharp fall on Monday, oil has left a channel within which it has been falling from the Dec. 22, 2014 high of $62.97.
It has moved into a duplicated falling channel, the lower channel line of which points to a target at $51.73, the 223.6 percent Fibonacci projection level of a wave iii.
The 176.4 percent level at $52.91 works as a support, while the 138.2 percent level at $53.85 as a resistance. Strategically, the target at $51.73 will be confirmed when oil breaks $52.91.
A climb above $53.85 could be extended to $55.
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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