ANL 10.95 Decreased By ▼ -0.17 (-1.53%)
ASC 10.10 Increased By ▲ 0.12 (1.2%)
ASL 11.90 Increased By ▲ 0.05 (0.42%)
AVN 71.20 Decreased By ▼ -0.04 (-0.06%)
BOP 5.99 Increased By ▲ 0.04 (0.67%)
CNERGY 5.27 No Change ▼ 0.00 (0%)
FFL 7.14 Increased By ▲ 0.44 (6.57%)
FNEL 6.09 Decreased By ▼ -0.01 (-0.16%)
GGGL 11.80 Decreased By ▼ -0.06 (-0.51%)
GGL 15.85 Decreased By ▼ -0.07 (-0.44%)
GTECH 9.30 Decreased By ▼ -0.05 (-0.53%)
HUMNL 6.57 Increased By ▲ 0.01 (0.15%)
KEL 2.56 Decreased By ▼ -0.02 (-0.78%)
KOSM 3.04 Decreased By ▼ -0.02 (-0.65%)
MLCF 28.60 Decreased By ▼ -0.10 (-0.35%)
PACE 2.99 No Change ▼ 0.00 (0%)
PIBTL 6.07 Decreased By ▼ -0.02 (-0.33%)
PRL 15.50 Increased By ▲ 0.45 (2.99%)
PTC 7.25 Increased By ▲ 0.08 (1.12%)
SILK 1.23 Decreased By ▼ -0.01 (-0.81%)
SNGP 26.30 Increased By ▲ 0.15 (0.57%)
TELE 10.67 Decreased By ▼ -0.28 (-2.56%)
TPL 9.02 Decreased By ▼ -0.03 (-0.33%)
TPLP 15.96 Increased By ▲ 0.04 (0.25%)
TREET 29.90 No Change ▼ 0.00 (0%)
TRG 75.47 Decreased By ▼ -1.53 (-1.99%)
UNITY 22.40 Decreased By ▼ -0.05 (-0.22%)
WAVES 13.42 Increased By ▲ 0.47 (3.63%)
WTL 1.57 Increased By ▲ 0.02 (1.29%)
YOUW 5.00 Decreased By ▼ -0.04 (-0.79%)
BR100 4,276 Increased By 2.9 (0.07%)
BR30 14,852 Decreased By -45.3 (-0.3%)
KSE100 43,030 Increased By 46.7 (0.11%)
KSE30 16,355 Increased By 4.7 (0.03%)
Markets

Brent oil may fall into $61.05-$61.89 range

  • Resistance is at $63.98, a break above which may lead to a gain into $64.51-$65.83 range.
01 Apr, 2021

SINGAPORE: Brent oil may break a support at $62.89 per barrel and fall into a range of $61.05 to $61.89.

A bounce from $60.27 has completed. It consists of three waves.

The second wave labelled b ended around $61.05, which may be revisited.

Indeed, the downside may not be limited to $61.05, as the downtrend from $71.38 may have resumed. Under this bearish scenario, oil could travel far below $60.27.

Resistance is at $63.98, a break above which may lead to a gain into $64.51-$65.83 range.

On the daily chart, the correction from $71.38 has been controlled by a set of retracements of the uptrend from $49.20 to $71.38.

Three waves make up the correction. The current wave c is unfolding towards a support zone from $57.67 to $60.29.

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.