Brent oil may extend gains into $77.77-$78.78 range
- The wave (c) has been closely observing a set of projection levels on an uptrend from $69.24
SINGAPORE: Brent oil may extend gains into $77.77-$78.78 range, driven by a wave (c). This wave has briefly travelled above the peak of the wave (a) around $76.62.
It has a better chance of extending into a range of $78.78-$80.40.
The wave (c) has been closely observing a set of projection levels on an uptrend from $69.24.
Another projection analysis on the wave itself reveals a target of $80.26, close to $80.40.
The shallow correction triggered by the resistance at $76.62 may have completed around a support at $75.66. The wave (c) could have resumed.
A break below $75.66 could cause a fall into $73.50-$74.51 range. On the daily chart, a high-low bottom from the Dec. 2 low of $65.72 has been confirmed. It suggests a target around $85.17 and a continuation of the uptrend from $15.98.
A realistic target will be $81.57, which will be confirmed when oil breaks $77.96.
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.