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Brent oil may retrace into range of $72.26-$73.46, following its failure to break a resistance at $75.41 per barrel.
The resistance is identified as the 138.2 percent projection level of a wave (c) from $64.02. This wave consists of three smaller waves. The third wave labelled c could be broken down into five minor waves, the fifth wave of which seems to have peaked at $75.41.
Over the next few days, oil may retrace towards the bottom of the wave 4 around $71.14. A rising trendline suggests a higher target at $72.26. A break above $75.41 could lead to a gain to $77.35.
On the daily chart, oil is pulling back towards a former resistance at $72.66, the 23.6 percent retracement on the uptrend from $27.10 to $86.74. This support is close to $72.26 on the hourly chart.
(No information in this analysis should be considered as being 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 analysis.)
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