Technical analysis of crude oil trading: Brent crude oil may rebound to 71.97-74.01
On Wednesday (March 5th) in the Asian market, international oil prices fluctuated slightly lower, with Brent crude oil currently trading around $70.83 per barrel, a decline of about 0.33%.
Reuters technical analysts pointed out on Wednesday that Brent crude oil may rebound to the range of $71.97 to $74.01 per barrel as it finds support around $70.58.
The higher support level bond is around $70.92, which is the bottom of the B-wave. The Long Shadow Hammer on March 4th appears to be a reliable reversal form.
Despite the possibility of a rebound, the entire downward trend starting from $82.60 remains stable. It may extend to $65, which is indicated by the downward trend line of the descending wedge.
On the hourly chart, the decline starting from $77.15 may temporarily come to an end. It consists of three waves, of which wave a and wave c are roughly equal.
Equal at least indicates that wave c has been completed. The descending channel indicates a target area of $71.88 to $72.44. The support level is at $70.61, and breaking below this level may open the way to the range of $69.48 to $70.13.
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