Brent oil may revisit March 2 low of $55.03
SINGAPORE: Brent oil may revisit its March 2 low of $55.03 per barrel, as it has failed to break a resistance at $55.93.
The resistance is at the 14.6 per cent Fibonacci projection level of an upward wave C, the third wave of a presumed three-wave cycle from the November 14, 2016 low of $43.57.
This wave was disrupted by a key resistance at $57.43, the 61.8 per cent Fibonacci projection level of a bigger wave (C) from the August 2, 2016 low of $41.51.
The resistance is at the 14.6 per cent Fibonacci projection level of an upward wave C, the third wave of a presumed three-wave cycle from the November 14, 2016 low of $43.57.
This wave was disrupted by a key resistance at $57.43, the 61.8 per cent Fibonacci projection level of a bigger wave (C) from the August 2, 2016 low of $41.51.
