Brent oil may revisit Jan 13 high of $57.42
- On the daily chart, the correction is classified as a pullback towards a former resistance at $54.62, now a support. The pullback may have completed.
SINGAPORE: Brent oil may revisit its Jan. 13 high of $57.42 per barrel, as its correction from this level may have completed.
The correction was driven by a wave (4), the fourth wave of a five-wave cycle from $50.56. This wave is expected to be reversed by an upward wave (5), which is capable of travelling into a range of $57.72-$58.13.
Strategically, the target of $57.42 will be confirmed when oil breaks the nearest resistance at $56.65. A break below $56.17 may cause a drop to $55.58.
On the daily chart, the correction is classified as a pullback towards a former resistance at $54.62, now a support. The pullback may have completed.
The uptrend remains steady. It is riding on a powerful wave C, which is capable of travelling to $66.29, its 100% projection level.
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