Brent oil may test $81.06; uptrend still unsteady
- The pullback could extend to $79.73 in its full capacity
SINGAPORE: Brent oil may test a support at $81.06, a break below could cause a fall to $79.73 per barrel.
The rise paused around a resistance at $83.22, due to a pullback towards a trendline.
The pullback could extend to $79.73 in its full capacity.
Question is whether the established uptrend from $77.58 would remain intact, once oil falls to $79.73.
A stabilization around this level would signal a possible resumption of the uptrend. Otherwise, the downtrend from $86.70 will be deemed as having continued towards $77.58.
A break above $82.14 could lead to a gain into $83.22-$84.55 range. On the daily chart, the break above $81.57 proved to be false.
Oil may retrace towards $77.96. The big white candlestick on Nov. 23 may provide some support, especially around the open price of 79.51.
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.