Brent oil may rise to $53.13
- The contract is poised to test a key resistance at $54.62, a break above which could open the way towards $59.08.
SINGAPORE: Brent oil may rise to $53.13 per barrel, driven by a wave V.
The uptrend from the Nov. 2, 2020 low of $35.74 remains steady. It is riding on a wave V, which is expected to travel far above the Dec. 18, 2020 high of $52.48.
A projection analysis on the uptrend from $39.34 reveals a target of $53.13, the 238.2% level. Support comes in at $51.77, a break below could cause a fall into $50.92-$51.33 range.
On the daily chart, oil seems to have completed a consolidation around $51.02, the 50% projection level of an upward wave C from $35.74.
The contract is poised to test a key resistance at $54.62, a break above which could open the way towards $59.08.
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.