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SINGAPORE: Brent oil may test a resistance at $83.22 per barrel, a break above which could lead to a gain to $84.55.

The surge on Tuesday looks strong enough to confirm a reversal of the downtrend from $86.70.

A retracement analysis shows that oil has briefly climbed above the 50% level of $82.14

Chances are it may extend gains into $83.22-$84.55 range.

Oil steadies near $80 after US taps emergency reserves

A drop from the current level will be regarded as a pullback towards a falling trendline.

The pullback may be limited to $81.06.

A further drop could indicate the continuation of the downtrend.

On the daily chart, a pullback towards a long-term trendline falling from the 2008 high of $147.50 could have completed, as oil quickly recovered from the drop after stabilizing around a support at $77.96.

By end of this week, oil is likely to retest a resistance at $85.17.

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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