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SINGAPORE: Brent oil may test a support at $83.04 per barrel, a break below could cause a fall into the range of $81.41 to $82.10.

A temporary top formed around a resistance at $84.67, following oil's repeated failures to break this level.

The failures also marked the completion of a five-wave cycle from $69.28.

A rising wedge has been more or less confirmed as a top pattern. Oil is expected to first drop to the lower trendline support around $82.10 and then break this level to fall more.

A break above $84.67 may not trigger any impressive gains, most likely, the upside will be limited to $85.68.

Oil dips as investors eye US crude release, China demand concerns

On the daily chart, oil failed to break a resistance at $85.17.

The failure may cause a drop to $81.57. A rising channel points at a lower target of $77.96.

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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