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Markets

Brent oil may rise into $65.96-$66.45 range

  • On the daily chart, the uptrend towards the Jan. 8, 2020 high of $71.75 has resumed. A realistic target could be $67.50, the 486.4% projection level of an uptrend from $39.34.
18 Feb, 2021

SINGAPORE: Brent oil may rise into a range of $65.96-$66.45 per barrel, as the uptrend has extended.

The trend could be riding on a wave (5)-3. A projection analysis on the uptrend from $54.60 reveals a target zone of $65.96-$66.45, which seems to be an easy prey to the bulls.

The pattern from the Feb. 12 low of $60.35 could be roughly regarded as a flag, which suggests a target around $66. Support is at $65.15, a break below which could cause a fall into $64.34-$64.65 range.

On the daily chart, the uptrend towards the Jan. 8, 2020 high of $71.75 has resumed. A realistic target could be $67.50, the 486.4% projection level of an 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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