Brent oil may retest support at $70.47
- It represents a weak market sentiment that could drive the price further down
SINGAPORE: Brent oil may retest a support at $70.47 per barrel, a break below could cause a fall to $69.09.
The contract apparently failed to break a resistance at $71.86. It is expected to retreat into a range of $67.37 to $69.09. The hourly RSI dropped below 50.
It represents a weak market sentiment that could drive the price further down.
Brent oil may test resistance at $71.86
A rise above $72.42 could confirm a break above $71.86. A bullish target zone of $73.58-$74.75 will be established accordingly.
On the daily chart, the contract faces another resistance at $71.69, which is near $71.86 (hourly chart).
The black candlestick on Thursday marks the completion of the rise from the Aug. 23 low of $64.60.
Oil is likely to fall towards $67.90 to form the second leg of a high-low bottom.
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