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Markets

Brent oil may retest support at $61.22

  • This move followed the deep fall on Monday. Bears seem to have taken good control of the market.
07 Apr 2021

SINGAPORE: Brent oil may retest a support at $61.22 per barrel, as a bounce triggered by this level may have completed.

The bounce is regarded as a part of a wave C from $65.46, which is capable of at least travelling to $58.59, its 61.8% projection level.

The pattern from the March 23 low of $60.27 looks like a head-and-shoulders, which will be confirmed when oil breaks $61.22. It will then suggest a lower target of $56.97.

Resistance is at $63.84, a break above which could lead to a gain into $64.68-$65.46 range. On the daily chart, oil closed at $62.08 on Tuesday, below a support at $62.91, the 38.2% retracement on the uptrend from $49.20 to $71.38.

This move followed the deep fall on Monday. Bears seem to have taken good control of the market.

They are poised to drive the price down.

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.