SINGAPORE: Brent oil may stabilise around a support at $111.62 per barrel and bounce further into a range of $113.89-$115.30.
The support is identified as the 100% projection level of a wave C from $121.25.
It triggered a bounce which consists of three waves.
The wave c is expected to travel into $113.89-$115.30 range.
The bigger wave C looks exceptionally fierce. It may eventually extend into $105.67-$107.94 range.
Oil prices inch lower as global economic worries outweigh tightening supply
A break below $111.62 could confirm such a range.
On the daily chart, the big drop on June 17 confirmed a reversal of the uptrend from the May 11 low of $101.30 and a continuation of the downtrend from the $139.13.
Driven by a wave (C), oil may revisit the low of $96.93 in due course.
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