SINGAPORE: Brent oil may rise into a range of $98.47-$99.48, as it has surpassed its Feb. 14 high of $96.78 per barrel.
This move confirmed a continuation of the uptrend from $69.24.
The trend is riding on a wave (5), which may travel above $101.10, based on the depth of the wave (4).
The preceding wave (3) had extended a lot.
This extension decreases the chance of the wave (5) to extend. Most likely, this wave (5) would be roughly equal to the wave (1), to end around $101.
Support is at $95.90, a break below which could cause a fall to $94.20.
On the daily chart, oil broke the upper trendline of an expanding wedge.
It is expected to rise into $98.98-$101.30 range.
Market seems to be taking the final advantage of the Ukraine-Russia crisis and edge up.
It must be noted that the final wave of a five-wave cycle is unfolding. Even though it is generally hard to predict the peak of this wave, a drastic swing of the price may occur this week.
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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