Brent oil may bounce to $67.89
- The pattern from the March 8 high of $71.38 may turn out to be double-top or a flat or a triangle. It is still too early to confirm any of them.
SINGAPORE: Brent oil may bounce to $67.89 per barrel, as it has broken a resistance at $66.43.
The contract found a strong support at $65.26 which triggered the current bounce. Based on the sideways nature of the recent move, the bounce may extend, as it followed a sharp fall from $70.24.
Increasing the chance of a further bounce is the incomplete wedge, which is still contracting towards a point. A break below $66.43 could open the way towards $64.08-$65.26 range.
On the daily chart, oil briefly pierced below a support at $66.29. It is managing to stabilize around this level. Eventually, it may break this support and fall into $62.14-$64.15 range.
The pattern from the March 8 high of $71.38 may turn out to be double-top or a flat or a triangle. It is still too early to confirm any of them.
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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