Brent oil may retest support at $65.46
- Wave pattern indicates the completion of a wave b and the start of a wave c which may travel to $60.29, around the bottom of the wave a.
SINGAPORE: Brent oil may retest a support at $65.46 per barrel, a break below which could cause a fall to $63.84.
The downtrend from the March 8 high of $71.38 may have resumed, driven by a wave C. A projection analysis reveals a precise support at $65.46, which temporarily holds.
However, this wave is expected to travel to $61.21. As a result, the support may be broken soon. Resistance is at $66.46, a break above which could lead to a gain to $67.30.
On the daily chart, the trend is developing within a rising channel, which suggests a fall towards $62.91. Oil failed to break a resistance at $68.14.
The failure triggered the fall.
Wave pattern indicates the completion of a wave b and the start of a wave c which may travel to $60.29, around the bottom of the wave a.
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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