Brent oil may test resistance at $72.71
- Support is at $71.38, a break below could cause a fall into $70.41-$70.95 range.
SINGAPORE: Brent oil may test a resistance at $72.71 per barrel, a break above could lead to a gain to $73.38.
The uptrend remains intact, as it is driven by a powerful wave (3)-3, which may eventually extend into $74.47-$75.55 range. Based on this wave count, the rise may accelerate.
Support is at $71.38, a break below could cause a fall into $70.41-$70.95 range.
On the daily chart, the contract broke a resistance at $70.75. It is expected to test the next resistance at $73.50, a break above could lead to a gain at $77.96.
A confirmed wedge suggests a target around $75 as well. A rising trendline points at a much higher target of $85.17, which still looks far away. It will be confirmed when oil breaks $77.96.
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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