Brent oil may rise into $57.52-$58.01 range
- The consolidation from the Jan. 13 high of $54.72 seems to have been shaped into a wedge, which has been confirmed as a bullish continuation pattern. It suggests a target around $58.01.
SINGAPORE: Brent oil may test a resistance at $57.21 per barrel, a break above which could lead to a gain into $57.52-$58.01 range.
The strong surge on Monday suggests a resumption of the uptrend.
Wave pattern indicates the progress of an upward wave C, which is travelling towards $58.01, its 161.8% projection level.
The consolidation from the Jan. 13 high of $54.72 seems to have been shaped into a wedge, which has been confirmed as a bullish continuation pattern. It suggests a target around $58.01.
Support is at $56.42, a break below which could cause a fall into $55.90-$56.21 range. On the daily chart, oil has climbed above a resistance at $55.92, the 286.4% projection level on the uptrend from $39.34. It is likely to test the next resistance at $57.56, a break above which could lead to a gain into $58.92-$60.29 range.
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