Brent oil may extend gains into $114.74-$116.49 range

By Reuters News

SINGAPORE, Oct 23 (Reuters) - Brent oil may extend gains into a range of $114.74 to$116.49 per barrel, as suggested by a triangle and a projection analysis.

The pattern indicated a target of $116.49, the 261.8% projection level of an uptrend from $97.11. The projection analysis reveals a lower target of $114.74, the 238.2% level.

The support is at $112.99, a break below which may trigger a fall into the $110.91 to $111.91 range.

On the daily chart, a bullish flag pattern has been confirmed, suggesting a target around $130. A rising channel points at a lower target of $122.48.

The projection analysis on the uptrend from $78.19 reveals a more conservative target zone of $114.92 to $117.80, formed by the 114.6% and the 123.6% levels. All the readings appear bullish.

* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively on the Workspace platform, a London Stock Exchange product.

** No information in this analysis should be considered as business, financial, or legal advice. Each reader should consult his or her own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.


tech https://tmsnrt.rs/4ePdydQ

tech https://tmsnrt.rs/4yGhhBv

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.