SINGAPORE: Brent oil may test a support at $79.59 per barrel, with a good chance of breaking below this level and fall into $77.77-$78.78 range.
The sudden swing of the price from the Wednesday high of $81.50 suggests a dissipation of the bullish momentum.
The bearish divergence on the hourly MACD confirms such a dissipation.
Oil is expected to ratrace further on Thursday.
A break above $81.41 could lead to a gain to $83.04.
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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