Brent oil may gain more to $62.47

SINGAPORE: Brent oil may gain more to $62.47 per barrel, as it could have completed a correction from the Nov. 7 high of $64.65.

The part of the correction from $64.32 could be broken down into three waves. This structure, along with the sharp surge from the Wednesday low of $61.13, strongly suggests a completion of the correction.

A Fibonacci retracement analysis reveals an immediate target at $62.47, the 38.2 percent level, a break above which could lead to a gain to $62.89.

Support is at $61.96, a break below which could cause a loss to $61.46.

No information in this analysis should be considered as being business, financial or legal advice.

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