Brent oil looks neutral in a range of $74.43-$76.09 per barrel, and an escape could suggest a direction. The contract failed twice to break a weak resistance at $76.09.
The failure suggests a dissipation of the bullish momentum built on Tuesday.
The rise triggered by the support at $73.68 looks more like a simple bounce against the fall from $77.57, rather than a continuation of the uptrend from $71.28.
Strategically, it is better to wait for the market to get out of the range of $73.68-$76.09 before forming a trending view.
Immediate resistance is at $75.17, a break above which could lead to a gain to $76.09. On the daily chart, a projection analysis reveals a similar neutral range of $73.82-$77.56.
Brent oil may test resistance zone of $76.09-$76.65
Market may consolidate within this range for one or few days before choosing its next direction.
A break below $73.82 could open the way towards $67.75-$70.12 range, while a break above $77.56 could lead to a gain to $80.72.
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