Brent oil may retest support at $68.43
- The weak bounce triggered by this support seems to have ended around a resistance at $69.95. The drop from the Aug. 12 high of $71.90 may have continued
SINGAPORE: Brent oil may retest a support at $68.43 per barrel, a break below which could cause a fall to $67.39.
The weak bounce triggered by this support seems to have ended around a resistance at $69.95. The drop from the Aug. 12 high of $71.90 may have continued.
The trend could be still be riding on a wave (c), which is expected to travel to $65.98.
A break above $69.95 could lead to a gain limited to $71.18.
Brent oil may bounce more to $70.95
On the daily chart, oil has more or less broken a support at $68.43 and a rising trendline.
The break not only opens the way towards $64.15-$66.29 range, but also suggests a reversal of the uptrend from $35.74.
A retracement analysis on the uptrend reveals an immediate support at $67.90, which looks vulnerable. Based on this analysis, oil may drop to $56.79.
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