Brent oil may retest support at $67.33
- This consolidation could be classified as a pullback towards a pivotal level of $66.29, the 100% projection level of an upward wave C from $35.74.
SINGAPORE: Brent oil may retest a support at $67.33 per barrel, a break below could open the way towards the range of $65.82-$66.88.
The contract is riding on a downward wave c from $70.02. This wave looks too short and shallow to complete, as it is expected to be roughly equal to the preceding wave a.
A retracement analysis on the rise from $62.38 to $71.38 suggests a target zone of $65.82-$66.88.
Another retracement analysis on the rise from $66.50 to $70.02 reveals an immediate resistance at $68.68, a break above which could lead to a gain into $69.19-$70.02.
On the daily chart, the consolidation below a resistance at $71.75 - the Jan. 8, 2020 high, may develop further.
This consolidation could be classified as a pullback towards a pivotal level of $66.29, the 100% projection level of an upward wave C from $35.74.
This wave may resume towards a range of $77.96 to $85.17, once the current correction is over.
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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