Brent oil may retest resistance at $71.85
- Three smaller waves make up this wave. The current wave c has briefly travelled above its 76.4% projection level of $71.85. Chances are it may extend to $72.71
SINGAPORE: Brent oil may retest a resistance at $71.85 per barrel, a break above which could lead to a gain to $72.71.
The contract is presumed to be riding on a wave (d), the fourth wave of a wedge developing from the July 30 high of $76.38.
Three smaller waves make up this wave. The current wave c has briefly travelled above its 76.4% projection level of $71.85. Chances are it may extend to $72.71.
Support zone is from $70.46 to $70.89, a break below which may open the way toward $69.07-$69.95 range.
Brent oil may test resistance at $72.41
On the daily chart, oil has broken a resistance at $70.75. It is likely to resume its rise towards $73.50 after completing the current pullback.
Key support is at $68.43, a break below which could confirm a reversal of the uptrend from the March 23 low of $60.27.
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.
Comments
Comments are closed for this article.