SINGAPORE: Brent oil may rise to $53.13 per barrel, driven by a wave V.

The uptrend from the Nov. 2, 2020 low of $35.74 remains steady. It is riding on a wave V, which is expected to travel far above the Dec. 18, 2020 high of $52.48.

A projection analysis on the uptrend from $39.34 reveals a target of $53.13, the 238.2% level. Support comes in at $51.77, a break below could cause a fall into $50.92-$51.33 range.

On the daily chart, oil seems to have completed a consolidation around $51.02, the 50% projection level of an upward wave C from $35.74.

The contract is poised to test a key resistance at $54.62, a break above which could open the way towards $59.08.

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