SINGAPORE: Brent oil may stabilize in a support zone of $62.71-$63.29 per barrel and then retest a resistance at $65.15.
A correction from the March 8 high of $71.38 has completed. It is expected to be further reversed.
The completion has been confirmed by the relation between the wave c and the wave a.
A falling channel suggests a further bounce towards $66.30. A break below $62.71 could cause a fall into $61.42-$62.13 range.
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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