SINGAPORE: Brent oil may extend its gains into a range of $57.76-$58.17 per barrel, driven by a powerful wave 3.

A rising trendline suggests a further gain into the target zone, which is formed by the 176.4% and the 186.4% projection levels of the wave 3 from $50.6.

Bulls seem to have taken full control of the game, as corrections have become shallower. Support is at $56.69, a break below which may cause a fall limited to $56.21.

On the daily chart, a powerful wave C is unfolding towards $59.08, its 76.4% projection level.

Indeed, after travelling above a pivotal level of $54.62, this wave is highly likely to extend to $66.29.

The current strong bullish momentum suggests that the upside may not be limited to $66.29. Oil may surge to even higher levels.

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