ANL 0.00 Decreased By ▼ -15.34 (-100%)
ASC 13.22 Decreased By ▼ -0.02 (-0.15%)
ASL 17.53 Decreased By ▼ -0.07 (-0.4%)
BOP 8.65 Decreased By ▼ -0.05 (-0.57%)
BYCO 7.29 Increased By ▲ 0.09 (1.25%)
FCCL 19.10 Increased By ▲ 0.66 (3.58%)
FFBL 0.00 Decreased By ▼ -22.95 (-100%)
FFL 0.00 Decreased By ▼ -15.05 (-100%)
FNEL 0.00 Decreased By ▼ -7.09 (-100%)
GGGL 0.00 Decreased By ▼ -16.70 (-100%)
GGL 27.89 Increased By ▲ 0.09 (0.32%)
HUMNL 6.78 Increased By ▲ 0.08 (1.19%)
JSCL 19.25 No Change ▼ 0.00 (0%)
KAPCO 27.25 Increased By ▲ 0.55 (2.06%)
KEL 3.34 Decreased By ▼ -0.08 (-2.34%)
MDTL 0.00 Decreased By ▼ -2.14 (-100%)
MLCF 0.00 Decreased By ▼ -35.30 (-100%)
NETSOL 0.00 Decreased By ▼ -101.20 (-100%)
PACE 0.00 Decreased By ▼ -4.11 (-100%)
PAEL 26.49 Increased By ▲ 0.30 (1.15%)
PIBTL 0.00 Decreased By ▼ -8.14 (-100%)
POWER 0.00 Decreased By ▼ -7.25 (-100%)
PRL 0.00 Decreased By ▼ -16.11 (-100%)
PTC 0.00 Decreased By ▼ -9.04 (-100%)
SILK 0.00 Decreased By ▼ -1.47 (-100%)
SNGP 0.00 Decreased By ▼ -39.97 (-100%)
TELE 0.00 Decreased By ▼ -16.55 (-100%)
TRG 0.00 Decreased By ▼ -126.00 (-100%)
UNITY 29.35 Decreased By ▼ -0.55 (-1.84%)
WTL 0.00 Decreased By ▼ -2.38 (-100%)
BR100 4,733 Increased By ▲ 3.3 (0.07%)
BR30 20,339 Increased By ▲ 22.52 (0.11%)
KSE100 45,544 Decreased By ▼ -34.5 (-0.08%)
KSE30 17,811 Decreased By ▼ -60.87 (-0.34%)

SINGAPORE: Brent oil may test a resistance at $72.71 per barrel, a break could lead to a gain to $73.38.

The contract rose above the June 7 high of $72.27. This move confirmed the uptrend from the May 21 low of $66.94, which might be riding on a powerful wave (3)-3.

A projection analysis suggests that the trend may eventually extend into $74.47-$75.55 range. Support is at $71.62, a break below which could cause a fall to $70.95.

On the daily chart, the contract stayed firm above a former 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 bullish wedge suggests a target around $75.

A rising trendline points at a much higher target of $85.17. What was expected to be a sharp rally is turning out to be a slow climb.

Regardless of the exact mode of the rally, the targets could be fulfilled one by one.

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.