SINGAPORE: Brent oil may test a resistance at $76 per barrel, a break above which could lead to a gain into $76.89-$78.35 range.
The contract managed to stabilize around a support at $73.84 per barrel.
The uptrend thus remains steady within a rising channel. Driven by a wave C, the trend is expected to extend towards $78.35.
Support is at $74.54, a break below which could cause a fall into $73.18-$73.84 range.
On the daily chart, the pullback towards $73.50 may have completed.
The contract may resume its rise towards $77.96.
Based on this projection analysis, key support is at $73.50, a break below which could open the way towards $70.75.
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.
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