Brent oil may retest resistance at $76.89
- On the daily chart, oil has resumed its rise towards $77.96
SINGAPORE: Brent oil may retest a resistance at $76.89 per barrel, a break above could lead to a gain at $78.35.
The uptrend remains steady within a rising channel, which suggests a target at $78.35. Based on the depth of the correction from the June 28 high of $76.60, oil may extend its gains to $80.
The current rise could be slow. However, the trend simply keeps intact, despite the recent whipsawing moves.
Support is at $75.24, a break below could cause a fall into $73.48-$74.54 range.
On the daily chart, oil has resumed its rise towards $77.96.
The risk for a decent correction is increasing, as the uptrend from the May 21 low of $64.57 has not been disrupted by such a correction.
The resistance at $77.98 may be strong enough to trigger 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.
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