Crude oil trading technical analysis: Brent crude oil may retest the support level of $65.81
On Tuesday (April 22) morning trading in the Asian market, international oil prices rebounded slightly, with Brent crude oil currently trading around $66.74 per barrel, up about 0.42%. Reuters technical analysts pointed out that Brent crude oil prices may retest the support level of $65.81 per barrel, and a drop below this support level could open up a path to rise to $64.91.
Analysts say that the pullback on April 21st appears to be very deep, implying that the C wave since $61.98 has already been completed. Based on this observation, the contract may retrace to the bottom of Wave B at $61.98 in the coming days.
Strategically speaking, when the market breaks through the trend line support level around $64.91, the target level of $61.98 will be confirmed. If it breaks through $66.71, it may rise to $67.83.
On the daily chart, the contract failed to break through the resistance level of $68.20. This drop, combined with the decline on April 21st, indicates that the contract will either experience a significant pullback to the range of $62.91 to $64.36, or complete a rebound from $58.40.
The predictive analysis of the downward trend starting at $75.47 shows that the market has deeply fallen below the 100% level of $60.93. The contract may eventually fall to the level of $51.94 at 161.8%.
Tips：This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement：Contact us if the content violates the law or your rights