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SINGAPORE: Brent oil may test the resistance at $73.28 per barrel, with a good chance of breaking above this level and rising towards $75.61.

The strong recovery of the price from the Dec. 2 low at $65.72 signals a reversal of the downtrend. The bullish divergence on the hourly RSI suggests a further gain.

Thee waves make up the gain. So far, only two have unfolded. The wave c is travelling towards $75.61. An inverted head-and-shoulders is developing, which will be confirmed when oil breaks $73.28.

The pattern indicates a higher target of $80.83. Support is at $70.39, a break below which could cause a fall into a support zone of $67.10-$68.61.

Oil rebounds more than $1/bbl after Saudi price hike

On the daily chart, oil is pulling back towards the upper channel. Key resistance to watch is $73.50, a break above which could confirm a continuation of the uptrend.

A failure to break the resistance would help maintain a medium-term target zone of $54.62-$59.08.

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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