SINGAPORE: Brent oil may test resistance at $76 per barrel, with a good chance of breaking above this level and rising to $76.89.
The contract is riding on a wave C, which has travelled far above a key barrier at $74.54, its 100% projection level.
Chances are it may extend to $78.35.
The correction on Thursday is regarded as a pullback towards this former resistance, now a support.
A break below $75.01 could cause a fall into the range of $73.80 to $74.47.
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