Brent oil may rise into $56.21-$56.64 range
- Support is at $55.52, a break below which may cause a fall into $54.83-$55.18 range. On the daily chart, oil stabilised around a support at $54.50, the 261.8% projection level on the uptrend from $39.34.
SINGAPORE: Brent oil may rise into a range of $56.21-$56.64 per barrel, as it may have resumed its uptrend from $50.56.
The correction from the Jan. 13 high of $57.42 was shaped into a wedge, which looks likes a continuation pattern, as it appeared after an uptrend.
This pattern has almost been confirmed. It suggests a target around $58. A projection analysis on the drop from $56.64 reveals a realistic target of $56.21, a break above which could lead to a gain to $56.64.
Support is at $55.52, a break below which may cause a fall into $54.83-$55.18 range. On the daily chart, oil stabilised around a support at $54.50, the 261.8% projection level on the uptrend from $39.34.
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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