SINGAPORE: Brent oil may rise into a range of $56.21-$56.64 per barrel, as it may have resumed its uptrend from $50.56.

The correction from the Jan. 13 high of $57.42 was shaped into a wedge, which looks likes a continuation pattern, as it appeared after an uptrend.

This pattern has almost been confirmed. It suggests a target around $58. A projection analysis on the drop from $56.64 reveals a realistic target of $56.21, a break above which could lead to a gain to $56.64.

Support is at $55.52, a break below which may cause a fall into $54.83-$55.18 range. On the daily chart, oil stabilised around a support at $54.50, the 261.8% projection level on the uptrend from $39.34.

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