Brent oil may rise towards Tuesday high $69.33
- On the daily chart, oil stabilized around a support at $66.29, the 100% projection level of a an upward wave C.
SINGAPORE: Brent oil may break a resistance at $68.49 per barrel and rise towards the Tuesday high of $69.33.
A wave b peaked at this high, which works as a target. Oil failed twice to break a support at $66.88, the 50% retracement of the uptrend from $62.38 to $71.38.
This support is near $67.12, the 61.8% projection level of the wave c.
The strong reaction of the market around these supports indicate a completion of the correction from $71.38.
A break below $67.94 could cause a fall into $66.88-$67.54 range.
On the daily chart, oil stabilized around a support at $66.29, the 100% projection level of a an upward wave C.
This wave is likely to extend its into a range of $77.96-$85.17. Before rising into this target zone, oil has to break a resistance at $71.75, the Jan. 8, 2020 high.
With the correction being over, the contract is poised to retest $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.
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