SINGAPORE: Brent oil may rise into a range of $73.38-$73.80 per barrel, as it has broken a resistance at $72.71.

The break is convincing, as it followed two corrections on June 9 and June 10. The break signals a continuation of the uptrend towards the range of $74.47-$75.55 range.

Oil is expected to maintain its slow rise towards the target range.

A realistic target will be either $73.38 or $73.80. Support is at $72.08, a break below which could cause a drop into $70.95-$71.62 range.

Wave pattern suggests the progress of a wave 5, which is expected to be roughly equal to the wave 1, to travel to $74.47.

On the daily chart, the uptrend remains intact and is extending towards $75, as suggested by a confirmed wedge.

The contract is yet to pull back towards the wedge. The higher it rises, the unlikely this pullback occurs.

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