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.
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.
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