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SINGAPORE: Brent oil may revisit its Monday high of $139.13 per barrel, as it could have resumed its uptrend.

The resumption was suggested by the strong recovery of the price from the Monday low of $119.04. Strategically, the target of $139.13 will be confirmed when oil breaks above the nearest resistance at $131.93.

The resumption may turn out to be fake if oil breaks the support zone of $123.65-$125.94, as the break could cause a drop into $116.26-$119.96 range.

Such a drop could be deep enough to signal a reversal of the uptrend.

On the daily chart, oil managed to climb above $129.61. Such a move indicates a completion of the fall triggered by the resistance at $138.29.

Given that so much of the fall from $147.50 has been reversed, oil may revisit this high shortly.

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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