SINGAPORE: Brent oil may test a resistance at $60.12 per barrel, a break above which could lead to a gain into the $60.43-$60.93 range.

The contract is riding on a wave (3)-3, which has a fierce character and could easily overcome any barriers lying ahead.

The nearest one is at $60.12, the 261.8% projection level of the uptrend from $54.60.

Support is at $59.63, a break below which may cause a fall limited to $59.32. On the daily chart, oil could be riding on an extended wave 5.

A rising trendline roughly points at a target of $62.50, the 400% projection level of an uptrend from $39.34.

To an extended fifth wave, this target of $62.50 looks too conservative.

The upside could be somewhere far beyond this point.

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