SINGAPORE: Brent oil may rise into a range of $59.63-$60.13 per barrel, as suggested by its wave pattern and a projection analysis.

The brief correction from $59.04 was quickly reversed. Its depth suggests the completion of an uptrend from $54.60, which was presumably driven by a wave C.

However, this wave count has to be modified, as oil has surpassed $59.04. The strong move indicates the progress of a powerful wave (3)-3, which could drive the market wild.

A projection analysis reveals a target zone formed by the 238.2% and 261.8% levels. Support is at $58.97, a break below which could cause a fall into the $58.53-$58.82 range.

On the daily chart, the contract has cleared a resistance at $58.92, the 338.2% projection level of an uptrend from $39.34. It is heading towards $60.29.

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