SINGAPORE: Brent oil may end its bounce around $66.46 per barrel and fall towards its April 22 low of $64.58.

The bounce is regarded as a part of a wave C, which is expected to travel to $61.21, its 61.8% projection level. This wave may resume around $66.47.

A break above $66.47 may lead to a gain into $67.08-$67.60 range. The current wave count will be reviewed accordingly. A break below $65.47 may signal the continuation of the wave C.

On the daily chart, oil is yet to retreat towards the lower channel line around $62.91.

The consolidation from the March 8 high of $71.38 is expected to be roughly matching the one from the Aug. 31 high of $46.53.

In terms of duration, the current consolidation looks far from complete.

A break above $68.14, however, could open the way towards $71.38.

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