- Oil has broken a resistance at $73.50. The break opened the way towards $77.96
SINGAPORE: Brent oil may keep rising into a range of $74.52-$75.36 per barrel, as suggested by its wave pattern and a projection analysis.
A wave b peaked at $76.71, which serves as a target.
A bullish scenario will be that the July 6 high of $77.84 is revisited soon, as the drop from this level adopted a corrective wave mode.
Support is at $73.17, a break below which could cause a fall into $71.76-$72.33 range. On the daily chart, morning star formed between July 19 and July 21. It is a powerful bullish reversal pattern.
The downtrend from $77.84 has reversed.
Oil has broken a resistance at $73.50. The break opened the way towards $77.96.
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