SINGAPORE: Brent oil may retest a resistance at $46.06 per barrel, a break above which could lead to a gain to the next resistance at $46.98.
These resistances are identified respectively as the 176.4 percent and the 186.4 percent Fibonacci projection levels of an upward wave 3, the third wave of a five-wave cycle from the Jan. 20 low of $27.10.
The projection analysis indicates this wave could eventually extend into the range of $51.72-$53.87, formed by the 238.2 percent and the 261.8 percent levels, as it has travelled above the 161.8 percent level at $44.72.
A correction from the current level could be limited to $44.72.
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.