- 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.
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