Brent oil may retest resistance at $58.82
- Based on the consolidation range from $54.50 to $57.56, the uptrend may extend to $60.29.
SINGAPORE: Brent oil may retest a resistance at $58.82 per barrel, a break above which could lead to a gain into the $59.13-$59.32 range.
The resistance is identified as the 200% projection level of an upward wave C from $54.60. This wave shows no sign of completion. It is likely to extend into the $59.63-$60.13 range.
Support is at $58.32, a break below which could cause a fall into the zone of $57.77-$58.01. On the daily chart, the contract faces a similar resistance at $58.92, the 338.2% projection level of an uptrend from $39.34.
Based on the consolidation range from $54.50 to $57.56, the uptrend may extend to $60.29.
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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