Brent oil may gain more to $69.95
- The next resistance will be at $69.95, a break above which could lead to a gain to $71.18-$72.41 range
SINGAPORE: Brent oil may gain more to $69.95 per barrel, as it has broken a resistance at $68.43.
The next resistance will be at $69.95, a break above which could lead to a gain to $71.18-$72.41 range.
The strong momentum of the current rise suggests the completion of a wave c from $76.38.
Indeed, the whole correction from the July 6 high of $77.84 could have ended.
Based on this observation, oil may extend its gains to $72.41, as this round of rise could be as strong as the one from the July 20 low of $67.44.
A break below $68.43 may cause a fall limited to $67.39. The break will be confirmed when oil drops to $68.10.
On the daily chart, the big white candlestick forming on Monday above a rising trendline confirmed a steady uptrend, which may have resumed towards $71.69.
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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