SINGAPORE: US oil may test a resistance at $83.64 per barrel, a break above which could lead to a gain to $84.47.
The contract has broken a resistance at $82.81.
The break significantly increases the chance of a further rise to $84.47. A rising channel suggests the target of $84.47 as well.
Strategically, this target will be confirmed when oil breaks the immediate resistance at $83.64.
Brent oil may test resistance zone of $85.04-$85.14
As long as oil stays above the support zone of $82.49-$82.81, the target at $84.47 will remain intact.
A break below $82.81 may cause a fall into $81.79-$82.49 range.
On the daily chart, the contract has broken a key a resistance at $81.78. It is highly likely to extend into a range of $88.50-$90.57.
Wave pattern suggests the progress of a powerful wave 3, which shows little sign of completion.
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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