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Markets

Brent oil may rise into $91.66-$92.64 range

Brent oil may rise into a range of $91.66-$92.64 per barrel, as it seems to be riding on a wave C. The contract...
Published September 23, 2022
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Brent oil may rise into a range of $91.66-$92.64 per barrel, as it seems to be riding on a wave C.

The contract managed to hover the Monday low of $88.50.

Its move over the past few days was such a circus that the trending signals have become very confusing.

Based on its reluctance to fall below $88.50, it is reasonable to presume that a wave C is unfolding, which started at $88.50 and is capable of travelling towards $93.61-$96.77 range.

Key support is fixed at $89.08, a break below which may open the way towards $87.24.

Brent oil still targets $88.50

On the daily chart, the support of $89.28 and the resistance at $93.44 are responsible for the high volatility on the hourly chart.

Even though the downtrend from $125.19 looks intact and is extending towards $83.63, a break below $89.28 is still needed to confirm the target.

Only a break above $93.44 could somehow swing the bearish sentiment.

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