SINGAPORE: Brent oil may break a resistance at $51.56 per barrel and rise into the $52.48-$53.13 range.
The resistance is identified as the 7% retracement of a five-wave cycle from $39.34. The correction from $52.48 seems to have completed and the uptrend resumed.
A projection analysis on the uptrend from $39.34 reveals a target zone of $53.13-$54.50, which will be confirmed when oil climbs above $52.48.
A break below $50.56 could cause a fall to $49.38.
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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