SINGAPORE: Brent oil may retest a support at $64.66 per barrel, a break below which could cause a fall into $62.86-$63.86 range.

The two bounces triggered by the support are regarded as a part of a wave C, which is expected to travel to $61.21, its 61.8% projection level.

Until now, the consolidation from the April 22 low of $64.58 has been well confined within a narrow range. A break above $66.47, however, will not only open the way towards $67.08-$68.08 range, but also make the current wave count doubtful.

On the daily chart, oil is still expected to retreat towards the lower channel line around $62.91, as the correction from the March 8 high of $71.38 could be roughly matching the one from the Aug. 31 high of $46.53.

As long as the contract remains below $66.15, the target of $62.91 will remain intact. A break above $66.15 may lead to a gain to $68.14.

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.