SINGAPORE: Brent oil may retest a resistance at $58.01 per barrel, a break above which could lead to a gain into the $58.32-$58.82 range.

The uptrend has resumed, as confirmed by the strong surge over the past two days.

The wave pattern indicates the progress of an upward wave C, which faces a resistance at $58.01, its 161.8% projection level.

This wave consists of five smaller waves. So far, only four waves have unfolded.

The wave 5 may travel into the target zone. Support is at $57.52, a break below which could cause a fall into the range of $57.02-$57.21.

On the daily chart, oil has climbed above a resistance at $57.56, the 314.6% projection level on the uptrend from $39.34.

It is likely to test the next resistance at $58.92, a break above which could lead to a gain to $60.29.

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