Brent Oil to Test $97.65-$98.50 Resistance Zone
Brent Oil Technical Analysis: Resistance and Support Levels
Brent crude oil (BRN1!) may test a resistance zone of $97.65 to $98.50 per barrel. A break above this zone could lead to a gain to $99.88.
Key Support and Bullish Signal
The contract stabilized around a key support at $94.05, the 161.8% projection level of a downtrend from $109.33. This stabilization, along with a bullish divergence on the hourly RSI, suggests exhaustion of the downtrend and a forthcoming decent bounce.
Potential Downside Scenario
A break below $95.16 may trigger a fall into the $92.67-$94.05 range. On the daily chart, a separate projection analysis on wave c from $112.94 reveals support at $93.73, the 61.8% level. This wave may either end around this barrier or extend to $81.86. Regardless of the endpoint, the market is likely to hover above this level for some time or bounce strongly.
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