Brent oil still targets $65.22-$65.73 range
- Despite its strength, the rise from the March 23 low of $60.27 is regarded as a part of the correction from $71.38.
SINGAPORE: Brent oil still targets a range of $65.22-$65.73 per barrel, as it failed to break a strong resistance zone of $66.80-$67.14.
The failure suggests a completion of the rally from $61.25, which had been driven by a wave B, the second wave of presumed three-wave cycle from $71.38.
This wave may be reversed by a downward wave C. There is a slim chance of the contract to break the zone as indicated by the bearish divergence on the hourly RSI.
A break above $67.14 could open the way towards $67.66-$68.42 range.
On the daily chart, oil may retreat towards $62.91 even if the uptrend has resumed, as the trend seems to be developing within a rising channel.
Despite its strength, the rise from the March 23 low of $60.27 is regarded as a part of the correction from $71.38.
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.
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