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Brent oil may extend gains into $66.45-$66.97 range

  • Based on the drop from $65.52, oil may rise to $69. Support is at $65.15, a break below which could cause a fall to $64.65.
23 Feb 2021

SINGAPORE: Brent oil may extend gains into a range of $66.45-$66.97 per barrel, as it has resumed its uptrend.

The contract climbed above the Feb. 18 high of $65.52. The uptrend from $54.60 has been confirmed. A projection analysis suggests a target zone formed by the 561.8% and the 586.4% levels.

Based on the drop from $65.52, oil may rise to $69. Support is at $65.15, a break below which could cause a fall to $64.65.

On the daily chart, oil is retesting a trendline passing through the peaks of the April 25, 2019 high of $75.60 and the Jan. 8, 2020 high of $71.75.

Driven by a strong bullish momentum, the contract is highly likely to break the trendline and surge towards the Jan. 8, 2020 high of $71.75.

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.