ANL 10.54 Increased By ▲ 0.03 (0.29%)
ASC 9.61 Increased By ▲ 0.28 (3%)
ASL 10.50 Decreased By ▼ -0.01 (-0.1%)
AVN 69.07 Increased By ▲ 0.67 (0.98%)
BOP 5.91 Decreased By ▼ -0.01 (-0.17%)
CNERGY 5.27 Increased By ▲ 0.07 (1.35%)
FFL 6.55 Increased By ▲ 0.14 (2.18%)
FNEL 6.03 Decreased By ▼ -0.07 (-1.15%)
GGGL 11.20 Increased By ▲ 0.15 (1.36%)
GGL 15.15 Decreased By ▼ -0.02 (-0.13%)
GTECH 9.15 Increased By ▲ 0.15 (1.67%)
HUMNL 6.36 Increased By ▲ 0.01 (0.16%)
KEL 2.54 Decreased By ▼ -0.01 (-0.39%)
KOSM 2.89 No Change ▼ 0.00 (0%)
MLCF 27.92 Decreased By ▼ -0.73 (-2.55%)
PACE 2.90 No Change ▼ 0.00 (0%)
PIBTL 6.10 Increased By ▲ 0.10 (1.67%)
PRL 15.08 Increased By ▲ 0.33 (2.24%)
PTC 6.94 Increased By ▲ 0.01 (0.14%)
SILK 1.02 Increased By ▲ 0.01 (0.99%)
SNGP 26.24 Decreased By ▼ -0.36 (-1.35%)
TELE 10.17 Decreased By ▼ -0.01 (-0.1%)
TPL 8.90 Decreased By ▼ -0.10 (-1.11%)
TPLP 15.60 Decreased By ▼ -0.16 (-1.02%)
TREET 30.00 Decreased By ▼ -0.05 (-0.17%)
TRG 75.00 Increased By ▲ 1.29 (1.75%)
UNITY 21.83 Increased By ▲ 0.26 (1.21%)
WAVES 12.54 Increased By ▲ 0.24 (1.95%)
WTL 1.48 Increased By ▲ 0.03 (2.07%)
YOUW 4.84 Decreased By ▼ -0.07 (-1.43%)
BR100 4,222 Increased By 2.6 (0.06%)
BR30 14,466 Increased By 90.3 (0.63%)
KSE100 42,681 Increased By 13.2 (0.03%)
KSE30 16,234 Increased By 21.5 (0.13%)
Markets

Brent oil may retreat to $69.87

  • On the daily chart, the break above a resistance at $70.75 turned out to be invalid. The contact could be pulling back towards the uptrend trendline of a wedge.
04 Jun, 2021

SINGAPORE: Brent oil may retreat to $69.87 per barrel, due to the completion of a five-wave cycle from $68.11. The uptrend remains intact, as the retracement is driven by a corrective wave (3)-2, which may end near the bottom of the wave 4 around $69.87.

This retracement could also be classified as a pullback towards the March 8 high of $71.38.

A powerful wave (3)-3 is expected to start upon the completion of the wave (3)-2. Eventually, the uptrend may extend into $74.47-$75.55 range.

On the daily chart, the break above a resistance at $70.75 turned out to be invalid. The contact could be pulling back towards the uptrend trendline of a wedge.

The pattern suggests a target around $75 which will be available only when oil completes the current correction and stands firm above $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.