Brent oil still targets $64.34
- The resistance at $63.85 triggered a shallow correction, which seems to have ended around a support at $63.04. The contract is poised to retest $63.85 and rise towards $64.34.
SINGAPORE: Brent oil still targets $64.34 per barrel, as suggested by its wave pattern and a projection analysis.
The contract is riding on a wave (3)-3, which started at the Feb. 12 low of $60.35. It is fierce and powerful, unlikely to complete in the short term.
The resistance at $63.85 triggered a shallow correction, which seems to have ended around a support at $63.04. The contract is poised to retest $63.85 and rise towards $64.34.
A break below $63.04 could be followed by a drop towards the range of $62.23-$62.75. On the daily chart, another projection analysis reveals a higher target range of $64.71-$66.08.
The Jan. 8, 2020 high of $71.75 may be reached soon, if oil could maintain its strong bullish momentum.
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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