SINGAPORE: Brent oil may gain more to $113.05, as it has broken a resistance at $106.89 per barrel.
The next resistance will be at $113.05, a break above could lead to a gain to $118.03.
After a few failures to break $103.09, oil started a decent bounce or resumed its uptrend from $96.93.
The rise will look more and more like a continuation of the uptrend if oil could keep its bullish momentum.
A break below $106.89, now a support, may cause a fall into $99.88-$103.09 range.
Brent oil may bounce into $103.02-$105.39 range
On the daily chart, the consolidation was thought to be shaped into a triangle.
With oil refusing to fall more towards $97.26, this triangle may turn out to be a wedge.
Both of these patterns may be followed by a round of strong rally.
They will be confirmed when oil breaks $116.46.
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