AIRLINK 213.00 Increased By ▲ 3.45 (1.65%)
BOP 10.34 Decreased By ▼ -0.12 (-1.15%)
CNERGY 7.07 Decreased By ▼ -0.28 (-3.81%)
FCCL 33.85 Decreased By ▼ -0.54 (-1.57%)
FFL 17.87 Decreased By ▼ -0.18 (-1%)
FLYNG 21.75 Decreased By ▼ -1.17 (-5.1%)
HUBC 129.95 Decreased By ▼ -2.54 (-1.92%)
HUMNL 14.10 Decreased By ▼ -0.04 (-0.28%)
KEL 5.00 Decreased By ▼ -0.03 (-0.6%)
KOSM 6.99 Decreased By ▼ -0.08 (-1.13%)
MLCF 44.05 Decreased By ▼ -1.15 (-2.54%)
OGDC 215.00 Decreased By ▼ -3.38 (-1.55%)
PACE 7.40 Decreased By ▼ -0.18 (-2.37%)
PAEL 41.30 Decreased By ▼ -0.40 (-0.96%)
PIAHCLA 17.10 Decreased By ▼ -0.20 (-1.16%)
PIBTL 8.74 Increased By ▲ 0.19 (2.22%)
POWERPS 12.50 No Change ▼ 0.00 (0%)
PPL 185.89 Decreased By ▼ -3.14 (-1.66%)
PRL 40.86 Decreased By ▼ -1.47 (-3.47%)
PTC 25.00 Decreased By ▼ -0.17 (-0.68%)
SEARL 100.29 Decreased By ▼ -3.67 (-3.53%)
SILK 1.04 Increased By ▲ 0.01 (0.97%)
SSGC 41.10 Increased By ▲ 1.86 (4.74%)
SYM 19.00 Decreased By ▼ -0.16 (-0.84%)
TELE 9.06 Decreased By ▼ -0.18 (-1.95%)
TPLP 12.59 Decreased By ▼ -0.51 (-3.89%)
TRG 67.20 Decreased By ▼ -1.98 (-2.86%)
WAVESAPP 11.15 Increased By ▲ 0.43 (4.01%)
WTL 1.83 Increased By ▲ 0.12 (7.02%)
YOUW 4.00 Decreased By ▼ -0.14 (-3.38%)
BR100 11,997 Decreased By -82.3 (-0.68%)
BR30 36,150 Decreased By -452.8 (-1.24%)
KSE100 115,178 Decreased By -875 (-0.75%)
KSE30 36,269 Decreased By -308.9 (-0.84%)
Markets

Brent oil may test resistance at $71.98

Brent oil may test a resistance at $71.98 per barrel. The fifth wave labeled 5 has extended. It is expect
Published January 8, 2020
  • Brent oil may test a resistance at $71.98 per barrel.
  • The fifth wave labeled 5 has extended.
  • It is expected to test a resistance zone of $72.01-$72.66.

 

SINGAPORE: Brent oil may test a resistance at $71.98 per barrel, a break above which could lead to a gain to $73.97.

The resistance is identified as the 138.2% projection level of an upward wave C from $60.30. This wave consists of five smaller waves. The fifth wave labeled 5 has extended.

On the daily chart, oil has broken a resistance at $68.99, the 50% projection level of a wave c from $56.15. It is expected to test a resistance zone of $72.01-$72.66. A bullish target at $81.82 will be established once oil stands firm above this zone.

Comments

Comments are closed.