Brent oil may end its current weak bounce

12 Aug, 2021

SINGAPORE: Brent oil may end its current weak bounce around a resistance at $69.95 per barrel and retest a support at $67.39 thereafter, as suggested by its wave pattern and a projection analysis. The contract is riding on a wave (c) from the July 30 high of $76.38. This wave is expected to travel to $65.98, its 100% projection level.

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