- A bullish wedge suggests a target around $75.
SINGAPORE: Brent oil may test a resistance at $72.71 per barrel, a break could lead to a gain to $73.38.
The contract rose above the June 7 high of $72.27. This move confirmed the uptrend from the May 21 low of $66.94, which might be riding on a powerful wave (3)-3.
A projection analysis suggests that the trend may eventually extend into $74.47-$75.55 range. Support is at $71.62, a break below which could cause a fall to $70.95.
On the daily chart, the contract stayed firm above a former resistance at $70.75. It is expected to test the next resistance at $73.50, a break above could lead to a gain at $77.96.
A bullish wedge suggests a target around $75.
A rising trendline points at a much higher target of $85.17. What was expected to be a sharp rally is turning out to be a slow climb.
Regardless of the exact mode of the rally, the targets could be fulfilled one by one.
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