SINGAPORE: Brent oil may rise into a range of $98.47-$99.48, as it has surpassed its Feb. 14 high of $96.78 per barrel.
This move confirmed a continuation of the uptrend from $69.24.
The trend is riding on a wave (5), which may travel above $101.10, based on the depth of the wave (4).
The preceding wave (3) had extended a lot.
This extension decreases the chance of the wave (5) to extend. Most likely, this wave (5) would be roughly equal to the wave (1), to end around $101.
Support is at $95.90, a break below which could cause a fall to $94.20.
On the daily chart, oil broke the upper trendline of an expanding wedge.
It is expected to rise into $98.98-$101.30 range.
Market seems to be taking the final advantage of the Ukraine-Russia crisis and edge up.
It must be noted that the final wave of a five-wave cycle is unfolding. Even though it is generally hard to predict the peak of this wave, a drastic swing of the price may occur this week.
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