SINGAPORE: Brent oil may break a resistance at $60.93 per barrel and rise into $61.43-$61.74 range.

The contract is riding on a powerful wave (3)-3, which has a fierce character and could easily break many resistances.

It might not be disrupted by any major correction until it travels to $62.23, the 361.8% projection level of the uptrend from $54.60.

Support is at $60.64, a break below which may cause a fall to $60.43. On the daily chart, oil is riding on an extended wave 5.

A rising trendline points at a target of $62.50, the 400% projection level of an uptrend from $39.34. However, this wave may extend far beyond $62.50 as well.

On the weekly continuous chart, a retracement analysis suggests an aggressive target of $71.75.

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