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Brent oil may test resistance at $60.12

  • A rising trendline roughly points at a target of $62.50, the 400% projection level of an uptrend from $39.34.
08 Feb, 2021

SINGAPORE: Brent oil may test a resistance at $60.12 per barrel, a break above which could lead to a gain into the $60.43-$60.93 range.

The contract is riding on a wave (3)-3, which has a fierce character and could easily overcome any barriers lying ahead.

The nearest one is at $60.12, the 261.8% projection level of the uptrend from $54.60.

Support is at $59.63, a break below which may cause a fall limited to $59.32. On the daily chart, oil could be riding on an extended wave 5.

A rising trendline roughly points at a target of $62.50, the 400% projection level of an uptrend from $39.34.

To an extended fifth wave, this target of $62.50 looks too conservative.

The upside could be somewhere far beyond this point.

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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