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Markets

Brent oil may test support at $66.01

  • Oil seems to be dropping towards the lower trendline of a rising wedge, which establishes a support around $66.01.
03 May 2021

SINGAPORE: Brent oil may test a support at $66.01 per barrel, a break below could cause a fall to $65.10.

An uptrend from March low of $60.27 has reversed. The reversal is confirmed by the five-wave structure of the trend and the drop from the April 28 high of $68.95.

Oil seems to be dropping towards the lower trendline of a rising wedge, which establishes a support around $66.01. The fall, however, could extend below this level, as the downtrend from $71.38 may have resumed.

On the daily chart, bulls failed to push the price to the March 8 high of $71.38, despite their persistence. The consolidation from this level may continue.

Resistance is at $68.14, a break above may lead to a gain to $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.