Brent oil may fall more into a range of $94.81-$96.85 per barrel, as the bounce from $91.51 has completed. The completion was confirmed by the deep drop on Tuesday, which almost reverses 61.8% of the bounce.
Further confirmation was given by the wave structure of the bounce, which could be well divided into five small waves.
A break above $100.14 may lead to a gain to $102.18. Such a gain would be considered as a part of a bearish head-and-shoulders developing from the August 25 high of $102.47.
Brent oil may fall into $96.21-$98.08 range
On the daily chart, there was a false break above a falling trendline and a resistance at $104.41.
The bearish engulfing forming between Monday and Tuesday suggests a completion of the bounce and a further drop on Wednesday.
Comments
Comments are closed.