SINGAPORE: Brent oil may retest a support at $77.77 per barrel, a break below could open the way towards $76.62.
The correction from the recent high of $80.17 looks incomplete. It is expected to extend into a range of $74.72 to $76.01, formed by the 50% and the 38.2% retracements of the uptrend from $69.28.
A break above $79.59 could lead to a gain into the $80.40-$81.86 range.
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