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Brent oil may test a support at $97.62 per barrel, a break below which could confirm a target of $94.50.

The contract failed to break a key resistance at $102.66. The failure, along with the following drop, suggests a completion of the bounce from $64.50.

The bounce adopted a corrective wave mode while the preceding fall from $107.70 a five-wave mode.

Such a structure indicates a steady downtrend from $120.41 which could eventually extend below $94.50.

Brent oil may bounce into $101.10-$102.66 range

On the daily chart, oil is riding on a wave (C) from $125.19, which is expected to extend to $83.63.

The bounce from the July 14 low of $94.50 failed to extend above a falling trendline.

Comments

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samir sardana Jul 18, 2022 01:03pm
As I said on JUL 14, 2022 09:16PM at https://www.brecorder.com/news/40185849/government-to-slash-petrol-prices-today-miftah-ismail "Brent will be back to 100 USD,in 48 hours" Today starts the 48 hour of the NYMEX working day - and we are at 104 USD The problem with chartists is that they do not give any time frame Statements like "Brent will test ...." and then IF it breaks then .... As I said "IN 48 HOURS..........." There is NO demand destruction Travel around the world - just see the case of Bangkok- there is NO DEMAND DESTRUCTION And China is under COVID ! dindooohindoo
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