Brent oil may end its rise around a resistance at $80 per barrel, and resume its downtrend from $86.75. The resistance is identified as the 100% projection level of a wave c from $72.68.
This is the final wave of a presumed zigzag from $70.12.
Working together with the resistance is a similar one of $80.40.
There is a remote chance of oil to break these resistances and rise more.
Brent oil may retrace to $77.20
A break below $78.44 could be followed by a drop into $76.47-$77.20 range.
Comments
Comments are closed.