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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
Published August 13, 2021

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.

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