Brent oil may retreat to $73.87
- On the daily chart, the contract is expected to fall to $73.50
SINGAPORE: Brent oil may retreat to $73.87 per barrel, as it failed to break a resistance at $76.43 and also dropped below a support at $75.39.
The drop does not look like a pullback towards a falling trendline. Instead, it could be deep correction against the rise from $67.44.
The correction could be deep enough to extend to $72.64, to form a symmetrical part to the rise from the July 8 low of $72.11.
Brent oil may fall more to $67.14
A more bearish scenario is that the downtrend from $77.84 has resumed. Resistance is at $75.39, a break above which could lead to a gain into $76.43-$77.84 range.
On the daily chart, the contract is expected to fall to $73.50.
The fall is tentatively classified as a pullback towards $73.50. A further drop could be extended to $70.75.
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