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Markets

Brent oil may revisit May 14 low of $66.50

  • On the daily chart, the rise during the previous trading session was due to a support at $66.29.
17 May, 2021

SINGAPORE: Brent oil may revisit its May 14 low of $66.50 per barrel, as the drop from the May 5 high of $69.95 looks incomplete.

The drop is a part of the consolidation within a contracting wedge, which suggests a target of $65.60. The pattern around $69.95 looks like a double-top, which was confirmed but made invalid due to the surge on May 14.

However, this pattern does indicate a reversal of the uptrend from $61.25. Until oil rises above $69.95, it is still likely to retreat towards $65.60.

On the daily chart, the rise during the previous trading session was due to a support at $66.29.

The rise could be regarded as a pullback towards a rising trendline.

Only a break above $70.75 could confirm the continuation of the uptrend towards the range of $73.50 to $77.96.

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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