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Markets

Brent oil may test support at $67.66

  • It will be very difficult for oil to break these resistances. A break may lead to a limited gain to $69.65.
30 Apr 2021

SINGAPORE: Brent oil may test a support at $67.66 per barrel, a break below which could cause a fall into $66.44-$67.20 range.

The contract failed to break a resistance at $69.03. The failure signals a reversal of the uptrend from March low of $60.27.

The trend could be broken down into five waves, most of which unfolded in a rising wedge.

The resistance is strengthened by another one at $68.76, the 76.4% retracement of the downtrend from $71.38 to $60.27.

It will be very difficult for oil to break these resistances. A break may lead to a limited gain to $69.65.

On the daily chart, the consolidation from $71.38 will not be considered complete until oil goes above this level, as this consolidation is expected to consist of three waves. So far, only two have unfolded.

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.