Brent oil to test resistance at $56.33


Brent oil to test resistance at $56.33

Brent oil is expected to test a resistance at $56.33 per barrel, as suggested by its wave pattern and a Fibonacci retracement analysis. For a chart: http://tmsnrt.rs/2nYsESW The resistance is identified as the 76.4 percent Fibonacci retracement of the downtrend from the Jan. 3 high of $58.37 to the March 22 low of $49.71. The trend comprises three waves. The peak of the second wave labelled b at $57.45 may be approached, according to wave theory. On the daily chart, oil has broken above a resistance at $54.39, the 50 percent Fibonacci projection level of an uptrend from the Aug. 2, 2016 low of $41.51. It is heading towards the next resistance at $57.43, which is pretty close to $57.45 For a chart: http://tmsnrt.rs/2ogggk0 Support is at $55.06 (refer to the first chart), a break below which may cause a loss into the range of $54.04-$54.50. Read More…

 

Credit By: The Times Of India

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