SINGAPORE: Brent oil may fall into a range of $55.21 to $55.58 per barrel, as it has broken a support at $56.17.

The support is identified as the 138.2% projection level of the wave (3) from $50.56. The first part of this wave has completed. Four smaller waves make up this part.

The current correction may extend towards the bottom of the wave 4 around $55.21. Resistance is at $56.17, a break above which could lead to a gain to $56.65.

On the daily chart, the correction is classified as a pullback towards a former resistance at $54.62, now a support. Wave pattern suggests the progress of a powerful wave C, which is capable of travelling to $66.29, its 100% projection level.

The uptrend is expected to resume upon the completion of the pullback around $54.62.

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