Brent oil may bounce to $51.56

SINGAPORE: Brent oil may bounce to $51.56 per barrel, as it has broken a resistance at $50.56.

The resistance is identified as the 14.6% retracement of a five-wave cycle from $39.34. It is not very clear if oil has resumed its uptrend,as the correction from $52.48 may consist of three waves.

A break below $50.56 could cause a fall to $49.38.

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