Brent oil may test resistance at $67.94
- On the daily chart, the current fall is considered as an accumulation for breaking a resistance at $71.75, the Jan. 8, 2020 high.
SINGAPORE: Brent oil may test a resistance at $67.94 per barrel, a break above which could lead to a gain to $69.26.
The contract is riding on a wave c, which may end around $67.12, or extend to $65.75. Regardless of its ending point, this wave may pause around $67.12, which is regarded as a strong support.
The support is strengthened by another one at $66.88, the 50% retracement of the a five-wave cycle from $62.38. A break below $66.88 could signal the extension of the wave c towards $65.75.
On the daily chart, the current fall is considered as an accumulation for breaking a resistance at $71.75, the Jan. 8, 2020 high.
Wave pattern suggests the progress of a wave C from $35.74, which is likely to extend its gains into a range of $77.96-$85.17, as it has surged above $66.29, the 100% projection level.
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.
Comments
Comments are closed for this article.