Brent oil neutral in $62.47-$63.85 range
- On the daily chart, the sideways mode remains unchanged.
SINGAPORE: Brent oil looks neutral in a range of $62.47-$63.85 per barrel, and an escape could suggest a direction.
The moderate gain on Monday did not make much progress in breaking the seesawing status of the market, only creating the latest neutral range.
A further development of the chart will make the picture clearer. Despite the attempt of the bulls to push the price higher, oil is still likely to revisit the April 5 low of $61.25.
A break above $63.85 could lead to a gain into $64.46-$65.22 range, while a break below $62.47 could confirm the target of $61.25.
On the daily chart, the sideways mode remains unchanged.
Little has been done to suggest the next big move.
nly wave pattern indicates a downside bias.
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