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Markets

Brent oil remains neutral in $62.84-$63.84 range

  • There might be two different moves when the consolidation is over: A weak bounce towards $66.15 and a deep fall towards $54.43.
12 Apr 2021

SINGAPORE: Brent oil remains neutral in a range of $62.84 to $63.84 per barrel, and an escape could suggest a direction.

A break above $63.84 could lead to a gain into $64.68-$65.46 range, while a break below $62.84 may indicate a continuation of the downtrend towards $61.22.

Wave pattern suggests a downside bias, as a wave C from $65.46 looks incomplete. It may at least travel to $58.59.

Signals are mixed on the daily chart, as oil is consolidating around $62.91, the 38.2% retracement on the uptrend from $49.20 to $71.38.

There might be two different moves when the consolidation is over: A weak bounce towards $66.15 and a deep fall towards $54.43.

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.