Brent oil may extend gains into $57.76-$58.17 range
- Indeed, after travelling above a pivotal level of $54.62, this wave is highly likely to extend to $66.29.
SINGAPORE: Brent oil may extend its gains into a range of $57.76-$58.17 per barrel, driven by a powerful wave 3.
A rising trendline suggests a further gain into the target zone, which is formed by the 176.4% and the 186.4% projection levels of the wave 3 from $50.6.
Bulls seem to have taken full control of the game, as corrections have become shallower. Support is at $56.69, a break below which may cause a fall limited to $56.21.
On the daily chart, a powerful wave C is unfolding towards $59.08, its 76.4% projection level.
Indeed, after travelling above a pivotal level of $54.62, this wave is highly likely to extend to $66.29.
The current strong bullish momentum suggests that the upside may not be limited to $66.29. Oil may surge to even higher levels.
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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