Brent oil may fall to $63.84
- A break above $65.46, now a resistance, could lead to a gain to $66.46. On the daily chart, oil is falling towards a channel line around $62.91.
SINGAPORE: Brent oil may fall to $63.84, as it has cleared a support at $65.46 per barrel.
The contract is riding on a wave C, which is expected to travel to $61.21. A realistic target will be either $63.84 or $62.53.
Besides the projection levels, oil observes closely a set of retracements on the uptrend from $60.27 to $68.08 as well.
A decent bounce may occur around the support at $63.84, which is strengthened by a zone of $63.25-$64.18.
A break above $65.46, now a resistance, could lead to a gain to $66.46. On the daily chart, oil is falling towards a channel line around $62.91.
Chances are it may break $62.91 and fall more, as wave pattern indicates the development of a wave c which may travel into $57.67-$60.29 range.
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.