Brent oil may revisit Monday low of $66.10

SINGAPORE: Brent oil may revisit its Monday low of $66.10 per barrel, as suggested by its wave pattern.

A five-wave cycle from March low of $60.27 has reversed. A retracement analysis on the part of this cycle from $61.25 reveals a target zone of $64.19-$65.10.

The bounce on Monday was due to a support at $66.01.

It seems the bounce is ending around a resistance at $67.83.

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The bounce could have been driven by a wave (b), which will be reversed by a downward wave (c).

A break above $67.83 could lead to a gain into $68.41-$68.95 range. On the daily chart, oil tends to fall towards the lower channel line which establishes a support around $65.

The rise from the March 23 low of $60.27 is still classified as a part of the correction from the March 8 high of $71.38.

The third leg of the correction may have just started.

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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