SINGAPORE: US oil may test a resistance at $95.52 per barrel, a break above which leads to a gain into $97.07-$98.73 range.
The contract has broken a resistance at $94.38, the break opened the way towards $95.52. Market has run wild and it is hard to predict the exact top.
The strategic way is to follow the trend.
A short trendline suggests a possible peak in the range of $97.07-$98.73.
Brent oil may test resistance at $92.58
Support is unfortunately far away, at $92.72, a break below which could cause a fall into a wide range of $88.36-$91.37.
On the daily chart, oil has broken a key resistance at $93.80.
It is poised to rise into $96.69-$98.66 range.
Even though it could be too aggressive to target $108.86-$113.51 range, with oil having climbed above $93.82, such a possibility does exist.
A close below $93.82 on Monday could signal the break above this level was false, a bearish target zone of $89.17-$91.50 will be established.
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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