Brent oil may fall to $63.84
- A break above $65.46, now a resistance, could lead to a gain to $66.46. On the daily chart, oil is falling towards a channel line around $62.91.
SINGAPORE: Brent oil may fall to $63.84, as it has cleared a support at $65.46 per barrel.
The contract is riding on a wave C, which is expected to travel to $61.21. A realistic target will be either $63.84 or $62.53.
Besides the projection levels, oil observes closely a set of retracements on the uptrend from $60.27 to $68.08 as well.
A decent bounce may occur around the support at $63.84, which is strengthened by a zone of $63.25-$64.18.
A break above $65.46, now a resistance, could lead to a gain to $66.46. On the daily chart, oil is falling towards a channel line around $62.91.
Chances are it may break $62.91 and fall more, as wave pattern indicates the development of a wave c which may travel into $57.67-$60.29 range.
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