Brent oil to fall into $90.24-$91.03 range
Brent oil is expected to keep sliding into a range of $90.24-$91.03 per barrel, driven by a wave c.
This is the third wave of a three-wave cycle from $110.67.
This wave has travelled to its 76.4% projection level of $93.11.
Chances are high that it could extend to $90.24.
A projection analysis on the downtrend from $120.41 reveals a similar target of $91.03.
The fall may pause around the zone of $90.24-$91.03, to be disrupted by a bounce, as either of these supports is strong enough to temporarily stop the fall.
Brent oil may revisit its July 14 low of $94.50
A break above $94.89 may lead to a gain into $96.32-$97.76 range.
On the daily chart, the downtrend from $125.19 has extended.
The trend is riding on a wave (C), which could travel to $83.63, its 100% projection level.
Three smaller waves make up this wave.
The current wave c may travel to a lower target of $79.98.
A realistic target would be $91.70 or $89.28.
Comments
Comments are closed.