SINGAPORE: Brent oil may retest resistance at $74.47 per barrel, a break above which could lead to a gain into the $75.01 to $75.55 range.

The current rise is tentatively classified as part of a correction from the June 16 high of $74.96, as a five-wave cycle from $64.57 seems to have completed.

The rise may extend to the top of a presumed wave b around $74.47.

Support is at $73.38, a break below which could cause a fall into the $72.08 to $72.71 range.

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.