AGL 24.80 Increased By ▲ 1.86 (8.11%)
AIRLINK 111.01 Decreased By ▼ -0.28 (-0.25%)
BOP 5.34 Increased By ▲ 0.09 (1.71%)
CNERGY 3.69 Decreased By ▼ -0.03 (-0.81%)
DCL 8.10 Increased By ▲ 0.11 (1.38%)
DFML 44.30 Increased By ▲ 4.03 (10.01%)
DGKC 88.86 Increased By ▲ 0.86 (0.98%)
FCCL 22.07 Increased By ▲ 0.08 (0.36%)
FFBL 42.59 Increased By ▲ 0.39 (0.92%)
FFL 8.90 Increased By ▲ 0.35 (4.09%)
HUBC 152.30 Decreased By ▼ -0.99 (-0.65%)
HUMNL 10.48 Increased By ▲ 0.03 (0.29%)
KEL 4.50 No Change ▼ 0.00 (0%)
KOSM 3.95 Increased By ▲ 0.10 (2.6%)
MLCF 36.90 Increased By ▲ 0.10 (0.27%)
NBP 48.80 Increased By ▲ 0.81 (1.69%)
OGDC 132.50 Increased By ▲ 0.70 (0.53%)
PAEL 26.45 Increased By ▲ 0.30 (1.15%)
PIBTL 6.02 Decreased By ▼ -0.01 (-0.17%)
PPL 116.29 Increased By ▲ 0.79 (0.68%)
PRL 22.70 Increased By ▲ 0.10 (0.44%)
PTC 12.80 Increased By ▲ 0.22 (1.75%)
SEARL 56.00 Increased By ▲ 0.31 (0.56%)
TELE 7.41 Increased By ▲ 0.21 (2.92%)
TOMCL 38.09 Increased By ▲ 1.09 (2.95%)
TPLP 8.52 Increased By ▲ 0.67 (8.54%)
TREET 15.33 Increased By ▲ 0.03 (0.2%)
TRG 59.96 Increased By ▲ 5.41 (9.92%)
UNITY 31.60 Decreased By ▼ -0.26 (-0.82%)
WTL 1.18 Increased By ▲ 0.01 (0.85%)
BR100 8,429 Increased By 84.3 (1.01%)
BR30 26,561 Increased By 213.4 (0.81%)
KSE100 79,627 Increased By 640.2 (0.81%)
KSE30 25,586 Increased By 221.3 (0.87%)
Markets

Brent oil may rise towards March 8 high of $71.38

  • A wedge is contracting to a point, which looks more like a bullish continuation pattern. Once confirmed, it will suggest a target of $80.
Published May 18, 2021

SINGAPORE: Brent oil is poised to break a resistance at $69.87 per barrel, and rise towards the March 8 high of $71.38.

After its two failures, oil approached $69.87 again. This time, it is highly likely to overcome this barrier and rise more.

A wedge is contracting to a point, which looks more like a bullish continuation pattern. Once confirmed, it will suggest a target of $80.

Support is at $68.76, a break below could cause a fall to $67.14. On the daily chart, oil is expected to test a resistance at $70.75, a break above could lead to a gain to $73.50.

The rise from the March 24 low of $60.47 looks like a continuation of the uptrend from $35.74. But this trend will only be confirmed when oil breaks $70.75.

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.

Comments

Comments are closed.