Brent oil ICEEUR:BRN1! may fall toward a range of $66.08-$68.31 per barrel, as suggested by a projection analysis.
The analysis reveals a break below a support at $71.91, the 400% projection level of a downtrend from $109.69. The break, after several day's consolidation, confirms a continuation of the downtrend toward the range formed by the 461.8% and the 438.2% levels.
Resistance is at $71.91, a break above which may lead to a gain into the $73.20-$74.14 range. On the daily chart, a projection analysis on the downtrend from $112.94 marks a target zone of $62.65-$69.98, formed by the 161.8% and the 138.2% levels.
The pattern between March 09 and June 12 looks like a double-top, which suggests a target around $58.11 as well.
* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - a London Stock Exchange product.
** 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 analyses.