Brent may retest support at $78.73
March 14 (Reuters) – Brent crude may retest support at $78.73 a barrel, with a break below that could open the way to $77.31.
A sharp rebound from support is seen as a pullback to a bearish wedge that has been confirmed and suggests a $76 target.
The pullback may have ended around $82.45. The wave pattern indicates the development of wave c, which is expected to reach $77.31, slightly above $76.
Immediate resistance is at $81.03, a break above could lead to $81.91. On the daily chart, oil broke the $80.72 support level and passed another support at $77.56.
This break marks a landslide for the Bears in the Showdown Zone for $80.72. Both the bearish flag and wave (C) continuation from $125.19 have been confirmed.
The wedge suggests a target of $57.95. The rapid rebound from Monday’s low of $78.34 may be due to the retraction of the flag.
* The analysis is based on data received with a delay, which may affect the forecast. For charts, use the code to get the original news.
** Wang Tao is a technical analyst for Reuters Commodities and Energy and speaks for himself. The information contained in this announcement does not constitute market, financial or legal advice. Readers should contact consultants for the products mentioned in this brief.
The original message in English is available under the code: