Brent oil to hover below $76.14; a pause before rising
- 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.
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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