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Brent oil rise into $102.01-$103.81 range

Brent oil may break a resistance at $100.22 per barrel and rise into a $102.01-$103.81 range. The contract is riding...
Published August 24, 2022

Brent oil may break a resistance at $100.22 per barrel and rise into a $102.01-$103.81 range.

The contract is riding on a presumed wave c, the third wave of an irregular flat developing from the August 5 low of $92.78.

This wave has travelled above its 100% projection level of $99.11.

Chances are it may extend to $102.01-$103.81 range.

A small high-low bottom forming between August 17 and August 22 also suggests a target of $103.81.

A break below $99.11, now a support, may be followed by a drop into $97.32-$98.08 range.

Brent oil may rise to $99.11

On the daily chart, oil has broken a resistance at $99.51, it is expected to test the next resistance at $104.41, a break above could lead to a gain to $109.31.

The drop from $125.19 has been labelled as a wave (C), which is much shorter than the preceding wave (A) from $139.13.

This relation raises a doubt on the completion of the wave (C) around a support of $93.44.

It is possible that oil ends its current bounce in the range of $104.41-$109.31 and resumes its downtrend thereafter.

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