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Brent oil may retest resistance at $73.58

  • The rise looks very slow and the correction triggered by $73.58 is too deep
Published August 31, 2021

SINGAPORE: Brent oil may retest a resistance at $73.58 per barrel, a break above which could lead to a gain to $74.75.

The uptrend from $64.60 is extending towards $74.75, which is pointed by a falling trendline. The trend is riding on a wave c or wave 3, both of which are capable of travelling into a range of $75.49 to $78.48.

A retracement analysis on the fall from $76.35 suggests a realistic target of $74.75. However, these nicely calculated targets are shadowed by the current weak momentum, which never characterises the wave c or wave 3.

Oil slips as Hurricane Ida weakens, OPEC+ in focus

The rise looks very slow and the correction triggered by $73.58 is too deep. Is a double-top developing around $73.58? A break below the support at $72.51 would be the first signal of this pattern.

On the daily chart, even though the contract broke a resistance at $71.69 and appears to be rising towards $74.89, the doji on Monday makes this target doubtful. A break below $71.69 could open the way towards $67.90.

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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