SINGAPORE: Brent oil may test a resistance at $75.24 per barrel, a break above which could lead to a gain into $76-$76.89 range.

The uptrend thus remains steady within a rising channel. Unless oil breaks the support at $73.84. The break could open the way towards $72.19, as suggested by the lower channel.

The upper channel indicates a target around $78.35, the 138.2% projection level of an upward wave C from $64.57.

On the daily chart, oil has completed a pullback towards $73.50. It may have resumed its rise towards $77.96.

The uptrend from the May 21 low of $64.57 has not been disrupted by any decent correction, which may be triggered by the resistance at $77.96.

Key support is at $73.50, a break below which could open the way towards $70.75.

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