SINGAPORE: Brent oil may fall into a range of $64.46-$65.22 per barrel, following its failure to break a resistance at $66.80.

The resistance is identified as the 107% projection level of an upward wave c from $61.25. This is a part of a bigger wave B, which will be reversed by a downward wave C.

The upside could be very limited, if oil extends its gains, as the resistance is strengthened by a similar one of $67.14, which serves as a pivotal level in evaluating whether the uptrend from $60.27 would develop further.

A break above $64.71 could confirm the trend extension. On the daily chart, oil seems to have somehow lost its bullish momentum around a resistance $66.15.

It is doubtful whether the gains could sustain. The broad picture still suggests a downside bias, as the correction from $71.38 looks too brief compared to the uptrend from $35.74.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.