SINGAPORE: Brent oil may drop more to $64.08 per barrel, as it has pierced below a support at $65.26.

After a moderate consolidation above this level over the past two days, oil briefly dropped below it. Strategically, a break will be confirmed when oil falls below $64.80.

The break will be considered false, if oil stands firm above $65.26.

Only a rise above $66.43 could signal a reversal of the downtrend.

On the daily chart, oil broke a support at $66.29. It is expected to test the next support at $64.15, a break below could cause a fall to $62.14.

The pattern from the March 8 high of $71.38 looks like a flat or a triangle. Both of them suggests a further consolidation in the range of $62.14 to $70.75.

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