SINGAPORE: Brent oil is biased to retest a support at $68.66 per barrel, a break below could cause a fall to $67.88.

A five-wave cycle from $64.57 has completed.

A retracement analysis suggests a target zone of $67.25 to $67.88.

The bounce on Monday failed to extend above $69.92. It is thus regarded as a part of the correction from this level.

A tiny double-top could be forming around $69.92, which indicates a target of $67.88. It will be confirmed when oil breaks $68.66.

A rise above $69.92 could signal the extension of the uptrend towards $71.38.

On the daily chart, oil is still accumulating strength within a wedge.

A break above a resistance at $70.75 could confirm this wedge as a bullish continuation pattern.

The longer oil hovers below $70.75, the more likely it retraces towards $66.29.

If it occurs, the correction towards $66.29 could be the last retracement before bulls launch a major attack.

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