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Brent oil may bounce to $66.46

  • A further gain may signal a continuation of the uptrend from $60.27.
23 Apr, 2021

SINGAPORE: Brent oil may bounce to $66.46, as it has stabilised around a support at $64.58 per barrel.

The contract is riding on a wave C, which is expected to travel to $61.21.

This wave may adopt a very complex structure, consisting many small puzzling waves, as its projection levels failed to include the support at $64.58.

A retracement analysis also missed this support, which falls within the support zone of $64.18-$65.10. The bounce from $64.58 may end around $66.46.

A further gain may signal a continuation of the uptrend from $60.27.

On the daily chart, the current bounce could be roughly explained as a pullback towards a resistance at $66.15. A bearish target of $62.91 still remains intact, as pointed by a rising channel.

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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