Markets

Brent oil may retest support at $70.47

  • It represents a weak market sentiment that could drive the price further down
Published August 27, 2021

SINGAPORE: Brent oil may retest a support at $70.47 per barrel, a break below could cause a fall to $69.09.

The contract apparently failed to break a resistance at $71.86. It is expected to retreat into a range of $67.37 to $69.09. The hourly RSI dropped below 50.

It represents a weak market sentiment that could drive the price further down.

Brent oil may test resistance at $71.86

A rise above $72.42 could confirm a break above $71.86. A bullish target zone of $73.58-$74.75 will be established accordingly.

On the daily chart, the contract faces another resistance at $71.69, which is near $71.86 (hourly chart).

The black candlestick on Thursday marks the completion of the rise from the Aug. 23 low of $64.60.

Oil is likely to fall towards $67.90 to form the second leg of a high-low bottom.

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.