Brent oil may extend bounce into $102.54-$104.02 range
Brent oil may extend its bounce into a range of $102.54-$104.02 per barrel, according to technical analysis. A retracement reveals the current wave has traveled above resistance at $101.06, with the next resistance at $102.54. A break above $102.54 could open the way towards $104.02-$105.85. A break below $102.54, now support, may cause a fall to $99.23.
02 per barrel, driven by a wave c. 06. 85. 02.
23. On the daily chart, the market has stabilised twice around a support at $98. 67. Wang Tao is a Reuters market analyst for commodities and energy technicals.
The views expressed are his own. His analyses are published exclusively on the Workspace platform, a London Stock Exchange product. * No information in this analysis should be considered as 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.
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