2.18 Analysis of Crude Oil Trading Technology
Reuters technical analysts pointed out on Tuesday (February 18) that Brent crude oil may rise to $75.97 per barrel as the rebound triggered by the support level of $74.08 may continue.
The rebound was driven by wave B, which briefly broke through the upper trend line of the triangle and resistance level of $75.25.
The rebound may continue to reach $75.97. If further breakthroughs are confirmed to form a small double bottom around $74.08, the bullish target will be set at $77.14.
The support level is at $74.76, and if it falls below this level, it may drop to the range of $73.36-74.08. According to the daily chart, it is expected that the contract will eventually fall below the support level of $74.01 and head towards $71.97, as the current downward trend is opposite to the upward trend since $68.68.
The trend will consist of three waves, with the bottom of wave B (approximately $70.58) as the target.
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