Brent oil may revisit May 18 high of $70.24
- On the daily chart, the consolidation from the March 8 high of $71.38 is being shaped into a triangle which may be confirmed as a bullish continuation pattern, to be followed by a round of rally.
SINGAPORE: Brent oil may break a resistance at $68.78 per barrel, and rise towards the May 18 high of $70.24.
The quick recovery of the price from the May 21 low of $64.57 makes the high of $70.24 an easy prey to bulls. It represents a prevailing bullish sentiment.
The current rise looks like a continuation of the uptrend from $60.27. Support is at $67.89, a break below which could open the way towards $66.43.
On the daily chart, the consolidation from the March 8 high of $71.38 is being shaped into a triangle which may be confirmed as a bullish continuation pattern, to be followed by a round of rally.
Oil has broken a resistance at $68.43. It may test the next resistance at $70.75, a break above which will not only lead to a gain to $73.50, but also confirm the bullish triangle.
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