SINGAPORE: Brent oil may test a support at $97.61 per barrel, a break below which may open the way towards $94.69.
The contract is riding on a fierce wave 3, which has travelled far below its 100% projection level of $102.34.
It is expected to extend to $94.69. Another projection analysis on a bigger wave (C) reveals a lower target of $91.03.
A bounce from the current level may be limited to $102.34, now a strong resistance.
Brent oil may revisit June 22 low of $107.03
On the daily chart, the support at $99.51 proved ineffective, similar to its peer supports of $104.41 and $109.31.
The projection analysis on the wave (C) is good only in telling a direction.
The downtrend may keep developing towards a low of $83.63.
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