Oil brent new highs to come
|The chart below shows Oil Brent on the 10th of November 2021. Our initial analysis was for Brent to continue lower to the yellow zone and complete a larger-degree correction in wave iv before continuing higher. Ordinarily, a four correction (iv) would retrace to the 38.2 Fibonacci level. We, however, noted that the move lower was not complete and, we would see a deeper correction as shown by the red line.
The chart below now shows the updated position of Oil Brent where it has reached our yellow zone and has since bounced off it impulsively, signalling a possible buy opportunity to new highs for Brent.
The ideal set-up would be to buy on correction lower on Brent till we break 87.00 as our primary target. Once wave v is complete, we will be looking for a bigger correction down to the 65.00 level as a possibility.
No key news events to look out for this week.
Res: 83.00; 85.00; 87.00.
Sup: 79.00; 76.50; 73.25.
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