Brent oil may test resistance at $69.87
- The waves on the trend from $35.74 have been relabelled.
SINGAPORE: Brent oil may test a resistance at $69.87 per barrel, a break above could lead to a gain to $71.38.
The contract has broken a lower resistance at $68.76, the key barrier towards $71.38. Given that the downtrend from $71.38 has been so much reversed, chances are that this high will be revisited.
It is critical that oil hovers above $68.76, as a break below could be followed by a deep fall to $67.14.
On the daily chart, oil has broken a resistance at $68.43. It is expected to travel into $70.75-$73.50 range.
The waves on the trend from $35.74 have been relabelled.
Based on this alternate wave count, oil could be riding on a wave 3, which could drive the price to an unbelievable high.
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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