It is too early to confirm a reversal of the uptrend, simply based on the drop from the Dec. 18 high of $52.48. Resistance is at $51.83, a break above which could lead to a gain to $52.15.
SINGAPORE: Brent oil may seek a support in a narrow zone of $51.05-$51.24 per barrel, as suggested by a projection analysis.
The analysis is on the uptrend from $49.78. The contract consolidated in a range from $51.24 to $51.54 between Dec. 17 and Dec. 18. This range will provide support, along with the one from $51.05 to $51.24, to stop the drop.
It is too early to confirm a reversal of the uptrend, simply based on the drop from the Dec. 18 high of $52.48. Resistance is at $51.83, a break above which could lead to a gain to $52.15.
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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