Brent oil targets $72.71
- Support is at $70.95, a break below could cause a fall into $69.87-$70.41 range. On the daily chart, oil broke a resistance at $70.75.
SINGAPORE: Brent oil is poised to break a resistance at $71.62 per barrel and gain more towards $72.71.
The contract is riding on a powerful wave (3), which is travelling towards a range of $74.47 to $75.55, formed by its 138.2% and the 161.8% projection levels.
A confirmed wedge suggests a target around $75 as well. The wave (3) has a fierce character, it may quickly fulfil its target zone. The following rise is expected to accelerate.
Support is at $70.95, a break below could cause a fall into $69.87-$70.41 range. On the daily chart, oil broke a resistance at $70.75.
The break opened the way towards $77.96-$85.17. A realistic target could be $73.50, which is close to the zone of $74.47 to $75.55 (hourly chart).
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