ANL 34.80 Increased By ▲ 0.83 (2.44%)
ASC 19.99 Increased By ▲ 0.43 (2.2%)
ASL 25.25 Decreased By ▼ -0.60 (-2.32%)
AVN 94.82 Increased By ▲ 4.61 (5.11%)
BOP 8.52 Increased By ▲ 0.11 (1.31%)
BYCO 12.67 Increased By ▲ 0.13 (1.04%)
DGKC 123.65 Decreased By ▼ -1.06 (-0.85%)
EPCL 47.40 Decreased By ▼ -0.25 (-0.52%)
FCCL 23.60 Decreased By ▼ -0.25 (-1.05%)
FFBL 26.95 Increased By ▲ 0.10 (0.37%)
FFL 18.44 Increased By ▲ 0.38 (2.1%)
HASCOL 10.95 Increased By ▲ 0.05 (0.46%)
HUBC 80.59 Increased By ▲ 0.08 (0.1%)
HUMNL 8.40 Decreased By ▼ -0.17 (-1.98%)
JSCL 22.80 Decreased By ▼ -0.06 (-0.26%)
KAPCO 43.44 Increased By ▲ 0.24 (0.56%)
KEL 4.18 Increased By ▲ 0.06 (1.46%)
LOTCHEM 15.90 Increased By ▲ 0.15 (0.95%)
MLCF 47.30 Decreased By ▼ -0.37 (-0.78%)
PAEL 35.05 Decreased By ▼ -0.05 (-0.14%)
PIBTL 11.68 Decreased By ▼ -0.18 (-1.52%)
POWER 9.90 Increased By ▲ 0.04 (0.41%)
PPL 90.00 Decreased By ▼ -0.06 (-0.07%)
PRL 25.68 Increased By ▲ 0.10 (0.39%)
PTC 12.17 Decreased By ▼ -0.22 (-1.78%)
SILK 1.94 Decreased By ▼ -0.14 (-6.73%)
SNGP 47.01 Decreased By ▼ -0.99 (-2.06%)
TRG 161.60 Decreased By ▼ -0.90 (-0.55%)
UNITY 42.75 Decreased By ▼ -1.46 (-3.3%)
WTL 3.85 Decreased By ▼ -0.01 (-0.26%)
BR100 5,230 Decreased By ▼ -11.3 (-0.22%)
BR30 27,235 Decreased By ▼ -112.49 (-0.41%)
KSE100 47,901 Decreased By ▼ -86.44 (-0.18%)
KSE30 19,259 Decreased By ▼ -65.68 (-0.34%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
22,073
3924hr
Pakistan Cases
950,768
93024hr
2.04% positivity
Sindh
333,194
Punjab
345,251
Balochistan
26,776
Islamabad
82,431
KPK
137,247
Markets

Brent oil may retest resistance at $69.87

  • A break above $69.87 will not only open the way towards $71.38, but also confirm a wedge, which indicates a target around $80.
10 May 2021

SINGAPORE: Brent oil may retest a resistance at $69.87 per barrel, a break above could lead to a gain at $71.38.

The contract has broken a lower resistance at $68.76. The next resistance will be at $69.87.

The trending signals look a bit confusing, as the uptrend from $60.27 was thought to have reversed.

However, the recovery of the price from the May 7 low of $67.39 is strong enough to indicate a continuation of the uptrend.

A break above $69.87 will not only open the way towards $71.38, but also confirm a wedge, which indicates a target around $80.

A break below $68.76, now a support, may cause a fall to $67.14. On the daily chart, with oil approaching a resistance at $70.75 again, it is doubtful that the contract retraces towards the March 23 low of $60.27.

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.