Markets

Brent oil may edge up to $75.36

  • A break above $75.36 could lead to a gain to $76.71, the peak of the wave b
Published July 26, 2021

SINGAPORE: Brent oil may break a resistance at $74.52 per barrel and edge up to $75.36, as suggested by a falling trendline.

The rise from the July 20 low of $67.44 shows no sign of reversal. It may extend further. However, the falling trendline suggests a pause of the rise in the zone of $74.52-$75.36.

Most likely, a correction would occur in the zone.

A break above $75.36 could lead to a gain to $76.71, the peak of the wave b. Support is at $73.85, a break below which could cause a fall into $72.33-$73.17 range.

Supply issues and difficult oil prices

On the daily chart, oil climbed above a resistance at $73.50.

It is expected to gain more towards $77.96. However, the candlesticks have become smaller since the big one appeared on July 21.

Such a pattern suggests a dissipation of the bullish momentum. A correction is due.

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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