AGL 6.74 Decreased By ▼ -0.09 (-1.32%)
ANL 9.32 Decreased By ▼ -0.05 (-0.53%)
AVN 80.45 Increased By ▲ 2.70 (3.47%)
BOP 5.41 Decreased By ▼ -0.01 (-0.18%)
CNERGY 4.96 No Change ▼ 0.00 (0%)
EFERT 79.91 Increased By ▲ 2.01 (2.58%)
EPCL 56.33 Increased By ▲ 0.57 (1.02%)
FCCL 15.87 Increased By ▲ 0.57 (3.73%)
FFL 6.35 Decreased By ▼ -0.02 (-0.31%)
FLYNG 8.30 Increased By ▲ 0.11 (1.34%)
GGGL 10.08 Decreased By ▼ -0.24 (-2.33%)
GGL 16.26 Decreased By ▼ -0.39 (-2.34%)
GTECH 8.48 Decreased By ▼ -0.71 (-7.73%)
HUMNL 6.39 Increased By ▲ 0.03 (0.47%)
KEL 2.98 Increased By ▲ 0.04 (1.36%)
LOTCHEM 28.89 Decreased By ▼ -0.01 (-0.03%)
MLCF 28.65 Increased By ▲ 0.85 (3.06%)
OGDC 74.50 Decreased By ▼ -0.10 (-0.13%)
PAEL 16.13 Increased By ▲ 0.12 (0.75%)
PIBTL 5.65 Increased By ▲ 0.11 (1.99%)
PRL 16.98 Increased By ▲ 0.06 (0.35%)
SILK 1.19 Increased By ▲ 0.08 (7.21%)
TELE 11.45 Increased By ▲ 0.48 (4.38%)
TPL 8.00 Decreased By ▼ -0.01 (-0.12%)
TPLP 21.35 Increased By ▲ 0.40 (1.91%)
TREET 23.10 Decreased By ▼ -0.15 (-0.65%)
TRG 143.91 Increased By ▲ 9.31 (6.92%)
UNITY 23.01 Decreased By ▼ -0.48 (-2.04%)
WAVES 11.60 Increased By ▲ 0.10 (0.87%)
WTL 1.57 Decreased By ▼ -0.10 (-5.99%)
BR100 4,180 Increased By 29.7 (0.72%)
BR30 16,201 Increased By 371.6 (2.35%)
KSE100 41,611 Increased By 261 (0.63%)
KSE30 15,604 Increased By 126.9 (0.82%)
Markets

Brent oil may test support at $99.48

SINGAPORE: Brent oil may test a support at $99.48 per barrel, to fill a gap forming on Monday. The gap could be a...
Published February 28, 2022
Follow us

SINGAPORE: Brent oil may test a support at $99.48 per barrel, to fill a gap forming on Monday.

The gap could be a common type which is generally to be covered very soon. Wave pattern suggests the completion of a small five-wave cycle from $90.12 and a bigger cycle from $69.24.

A top has formed at the Feb. 24 high of $105.79.

Oil soars on Russia nuclear alert, bank sanctions impact

The current correction may consist of three waves. The jump on Monday seems to have been driven by a wave b, which will be reversed by a downward wave c.

The sudden gain is classified as a dead cat bounce, instead of a continuation of the uptrend. A break above $104.22 could lead to a gain into $105.37-$108 range.

On the daily chart, oil still hovers within the upper shadow of a shooting star forming on Feb. 24. The bearish reversal pattern has been confirmed by a black candlestick on Feb. 25. The rise on Monday may end up with another black candlestick with a long upper shadow.

Key resistance is at $104.50, a break above which may signal an extension of the uptrend towards $108.51-$115.72 range.

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.