Brent oil may extend gains to $59.08
- Most likely, the correction will end in a support zone of $54.66-$55.25, formed by the 100% and the 114.6% levels.
SINGAPORE: Brent oil may extend its gains to $59.08 per barrel, following its break above a strong resistance at $54.62.
The resistance is identified as the 61.8% projection level of an upward wave C from $35.74. The break above this barrier signals an extension of the wave C towards $66.29.
A realistic target will be $59.08. A detailed study on the hourly chart reveals more fine-tuned resistances and supports.
A projection analysis on a presumed wave 3 from $50.60 marks a resistance at $56.21, the 138.2% level, which caused a shallow correction.
Most likely, the correction will end in a support zone of $54.66-$55.25, formed by the 100% and the 114.6% levels.
The low of this range is almost identical to $54.62 (daily chart).
A break above $56.21 could lead to a gain to $57.17.
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.