SINGAPORE: Brent oil may rise into a range of $116.75-$119.27 per barrel, as it has broken a resistance at $114.40.
The next resistance will be at $116.75, the 100% projection level of the uptrend from $99.48.
Oil has also broken above the upper trendline of a wedge, which has been more or less confirmed as a bullish pattern.
The wedge suggests a target zone of $123.35-$127.42.
The current rise looks like a continuation of the uptrend from the April 11 low of $97.57.
Support is at $114.40, a break below which may be followed by a drop into $110.15-$112.67 range. On the daily chart, oil is poised to leave a neutral range of $99.48 to $114.84.
Brent oil may rise more into $110.76-$112.32 range
Apparently, the contract is poised to rise more towards $130.25, a target based on the range.
A retracement analysis on the fall from $139.13 to $96.93 reveals a break above a resistance at $113.05.
The break opened the way towards $118.03-$123.01 range.
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