Tuesday, May 28

Oil takes a plunge

In Singapore, Brent oil is at the possibility of reconsidering support at $71.18 per barrel, with a plausible risk of descending below the given point and possibly plummeting to a staggering $69.95.

The contract is advancing on a wave (c) since July 30 high of $76.38, which has a huge possibility of progressing into a huge range of $65.98-$69.95.

The bounce that had been prompted by the support is giving the impression that it is to be coming to a resolution around a resistance at $72.41, where the setback may continue to decline further. A break above $72.41 may result in a gain to $73.93.

On the daily chart, the contract is awaiting to test a support at the aforementioned, $73. 93, and a break below this could cause a detrimental plunge to $68.43.

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