Brent oil may retest resistance at $65.78

SINGAPORE: Brent oil may retest a resistance at $65.78 per barrel, as it has cleared a lower resistance at $64.88.

These resistances are identified respectively as the 38.2 percent and the 23.6 percent projection levels of an upward wave (c) from $63.43.

So far, this wave has been well controlled by the various projection levels. A break below a support at $64.33, however, will not only open the way towards $63.43, but also indicate the current wave count could be incorrect.

A break above $65.78 could lead to a gain to $66.50.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.