Brent oil may fall into $64.46-$65.22 range
- A break above $64.71 could confirm the trend extension. On the daily chart, oil seems to have somehow lost its bullish momentum around a resistance $66.15.
SINGAPORE: Brent oil may fall into a range of $64.46-$65.22 per barrel, following its failure to break a resistance at $66.80.
The resistance is identified as the 107% projection level of an upward wave c from $61.25. This is a part of a bigger wave B, which will be reversed by a downward wave C.
The upside could be very limited, if oil extends its gains, as the resistance is strengthened by a similar one of $67.14, which serves as a pivotal level in evaluating whether the uptrend from $60.27 would develop further.
A break above $64.71 could confirm the trend extension. On the daily chart, oil seems to have somehow lost its bullish momentum around a resistance $66.15.
It is doubtful whether the gains could sustain. The broad picture still suggests a downside bias, as the correction from $71.38 looks too brief compared to the uptrend from $35.74.
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 for this article.