SINGAPORE: Brent oil may fall into a zone of $99.92-$101.65 per barrel, as its downtrend from $114.84 has resumed. The bounce triggered by the support at $104.17 has been totally reversed.
The reversal signals a continuation of the downtrend.
Oil failed to break the support in its first attempt on April 20.
Its current attempt may succeed, after the weak bounce. Resistance is at $106.21, a break above which could lead to a gain into $108.24-$110.76 range.
Brent oil neutral in $98.44-$103.09 range
On the daily chart, a bullish triangle is becoming invalid, as oil is poised to fall below the upper trendline of the pattern.
Chances are high that oil could revisit the April 11 low of $97.57.
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