Brent oil may retest resistance at $51.12
- The surge on Thursday confirms the continuation of the uptrend towards $54.62, the 61.8% projection level of an upward wave C from $35.74.
SINGAPORE: Brent oil may retest a resistance at $51.12 per barrel, a break above which could lead to a gain into $51.32-$51.53 range.
The resistance is identified as the 186.4% projection level of an upward wave 3 from $48.40. This wave has briefly pierced above a key level of $50.76. It has a better chance of extending into $51.88-$52.22 range.
On the daily chart, oil is testing a resistance at $51.02.
The surge on Thursday confirms the continuation of the uptrend towards $54.62, the 61.8% projection level of an upward wave C from $35.74.
Based on the strong current momentum, it seems the resistance will not hold for very long. A rise to $51.30 may confirm a valid break.
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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