Crude oil trading analysis: up to $77.32
Reuters technical analysts pointed out on Tuesday (February 11) that Brent crude oil may climb to $77.32 per barrel as it has broken through the downward channel.
Analysts pointed out that the downward trend starting at $82.63 has formed a channel, and currently oil prices have exited this channel; Price deviation from this channel indicates that the downward trend has reversed.
The repeated channel indicates a target of $77.32, which is the 38.2% retracement level of the downward trend. The predictive analysis of the decline from $79.03 reveals a series of individual support/resistance levels.
The contract's first attempt failed to break through the resistance level of $76.80. It may experience a moderate pullback, with the magnitude of the pullback potentially limited to $75.31.
The daily chart shows that the contract is expected to break through the resistance level of $76.65, and if it breaks through this resistance level, it will open a channel in the range of $77.29 to $79.32.
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