Brent oil may revisit its Feb. 24 low of $81.07 per barrel, as a bounce from the previous day has ended. The bounce consists of three waves.
The third wave, the wave c, failed twice to overcome a barrier at $83.35, its 76.4% projection level.
The failures suggest a completion of both this wave and the bounce. Resistance is at $82.92, a break above could lead to a gain into $83.35-$84.06 range.
On the daily chart, the contract may have completed a pullback towards a bearish flag, which suggests a target of $67.75. Strategically, this target will be available when oil breaks $80.72.
Brent oil may retest support of $84.03
A break above $83.63 would make this pattern and the target invalid.
A bullish target of $86.54 will be established accordingly.
Comments
Comments are closed.