Brent oil may consolidate in a range of $96.32 to $98.10 per barrel for one or two days before falling towards $94.54.
The contract failed to overcome a resistance zone of $98.10 to $98.75, despite its strong momentum on Nov. 4.
A three-wave cycle from $88.77 completed coincidentally around $98.75.
Most of the cycle has been unfolding within a rising channel, which suggests a target of $94.54.
The cycle adopted a zigzag mode, which indicates a little chance of oil to maintain its bullish momentum and rise above $98.75 on Monday.
Only a break above $98.75 could confirm the continuation of the uptrend towards $100.31-$101.33 range.
Brent oil may retest resistance at $96.11
On the daily chart, oil is retesting a resistance at $99.51.
Following its failure to overcome this barrier in October, oil has a better chance to succeed in its current attempt.
A break could open the way towards $104.41-$109.31 range.
However, the difficult part is to figure out the timing of the break.
Readings on the hourly chart reveal a weakness of the market over the next few days.
A break may either occur around the end of this week or early next week.
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