- The contract has completed a pullback towards $73.50, it may not revisit this level
SINGAPORE: Brent oil may rise into $75.36-$75.87 range, as it has broken a resistance at $74.52 per barrel.
The correction occurred earlier than expected, which was supposed to be triggered by the falling trendline. Bulls may have accumulated enough momentum to break the trendline and rise into the target zone.
A failure to break the trendline will have a strong bearish indication that the downtrend from the July 6 high of $77.84 may resume.
Support is at $73.85, a break below which could cause a fall into $72.33-$73.17 range. On the daily chart, oil broke a resistance at $73.50. It is expected to rise towards $77.96.
The contract has completed a pullback towards $73.50, it may not revisit this level.
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.