SINGAPORE: Brent oil may test a resistance at $122.25 per barrel, as it has escaped from a neutral zone of $118.87 to $120.66. The escape confirmed a completion of the consolidation.
The uptrend from $112.45 has resumed.
An inverted head-and-shoulders suggests a target of $123.91, which will be available when oil breaks $122.25.
Signals will turn neutral again once the price returns to the zone.
Key support is at $118.87, a break below could open the way towards $115.48-$117.35 range.
Brent oil biased to rise to $122.25
On the daily chart, a retracement analysis marks a neutral zone of $118.03 to $123.01.
A break above $123.01 will confirm the continuation of the uptrend towards $139.13, while a break below $118.03 could be followed by a drop towards $113.05.
Until now, the uptrend looks steady, as the short uptrend remains intact.
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