Markets
Brent oil may fall more to $80.46
SINGAPORE: Brent oil may fall more to $80.46 per barrel, as it has broken a support at $82.86.
The support is identif
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The support is identified as the 23.6 percent retracement of a three-wave cycle from $70.30. The next support will be at $80.46.
Oil has broken a rising trendline as well. The break signals a reversal of the uptrend from $70.30. Theoretically, oil could fall into the range of $76.58-$78.52.
The break below $82.86 and the trendline will be proved false should oil be able to stand firm above this level. A bullish target at $84.34 will be established then.
On the daily chart, a support at $83 failed to hold. Oil could be falling towards $80.19, the 114.6 percent projection level of an upward wave (C) from $44.35.