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.
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