Brent oil neutral in $67.14-$68.76 range
- As far as the longer-term outlook is concerned, oil looks neutral in a range of $66.29-$70.75, within which the consolidation has lasted for two weeks.
SINGAPORE: Brent oil looks neutral in a range of $67.14-$68.76 per barrel, and an escape could suggest a direction.
The contract failed thrice to break a resistance at $69.87. The consolidation within a wedge has extended. Its repeated failures to overcome the barrier suggests a fall towards $65.83, which is pointed by the lower trendline of the wedge.
Immediate resistance is at $68.76, a break above which could lead to a gain to $69.87. On the daily chart, oil seems to have lost its bullish momentum around a resistance at $70.75. After breaking the support at $68.43, it may fall to $66.29.
As far as the longer-term outlook is concerned, oil looks neutral in a range of $66.29-$70.75, within which the consolidation has lasted for two weeks.
The longer oil remains in this range, the more likely it falls.
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