SINGAPORE: Brent oil may bounce more into a range of $75.21 to $76.21 per barrel, as it has completed a correction from the Tuesday high of $77.84.

The strong bounce on Thursday confirmed the completion. Three waves make up the correction. The wave b ended at $75.99, which serves as a bounce target.

It is not very clear if the uptrend from $64.57 has resumed.

Further development of the chart is needed for a thorough evaluation.

Brent oil may retest support at $74.34

Support is at $73.58, a break below could cause a fall to $72.58. On the daily chart, the uptrend from $60.27 remains steady. It consists of five waves.

The wave ii is very sharp, as a result, the current wave iv is expected to be sideways.

Based on this expectation, oil may approach $73.50 again when the current bounce stops somewhere below $77.96.

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