SINGAPORE: Brent oil may rise into a range of $90.95-$91.57 per barrel, as it has cleared a resistance at $89.
A pullback towards this former resistance may have completed as well. The uptrend looks exceptionally strong, which could be extending toward a range of $92.58-$94.20 range.
A rising trendline also points at $94.20.
The depth of the correction from the Jan. 20 high of $89.50 suggests a lower level of $92.58.
A break below $89, now a support, may cause a fall into $87.30-$88.31 range. On the daily chart, the uptrend observes closely a set of projection levels on the uptrend from $35.74.
Oil has more or less broken a resistance at $89.63.
It is expected to gain more into a range of $92.69-$96.84, as pointed by the upper trendline of an expanding wedge.
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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