SINGAPORE: Brent oil may seek a support at $73.84 per barrel, a break below which, however, could cause a fall to $73.18.

The current correction could be as deep as the one from the June 16 high of $74.96.

A rising channel and a projection analysis suggest an ending point at $73.84. A further drop below the channel would have a strong bearish indication that the uptrend from $64.57 has reversed.

A much lower target at $71 will be established accordingly, as indicated by a duplicated channel.

On the daily chart, the drop is classified as a pullback towards the former resistance at $73.50, now a support.

A break below this level could open the way towards $70.75, which is near $71 (hourly chart).

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