- The resistance is identified as the 100% projection level of a wave c, which may complete around this level or extend into $78.78-$80.40 range
SINGAPORE: Brent oil faces a resistance at $76.14 per barrel.
It may hover below this level for one or two days before rising again.
The resistance is identified as the 100% projection level of a wave c, which may complete around this level or extend into $78.78-$80.40 range.
An inverted head-and-shoulders indicates a further gain towards $80.40.
Chances are the wave c could extend above $76.14. Support is at $74.51, a break below which could cause a fall into $72.69-$73.50 range.
On the daily chart, oil has broken a key resistance at $73.50.
The break signals a continuation of the uptrend within an upper channel.
A break below $73.50, now a support, will not only open the way towards $68.43-$70.75 range, but also increase the chance of the downtrend to develop within the lower channel.
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