SINGAPORE: Brent oil may keep rising into a range of $74.52-$75.36 per barrel, as suggested by its wave pattern and a projection analysis. A wave b peaked at $76.71, which serves as a target. A bullish scenario will be that the July 6 high of $77.84 is revisited soon, as the drop from this level adopted a corrective wave mode.

Support is at $73.17, a break below which could cause a fall into $71.76-$72.33 range. On the daily chart, morning star formed between July 19 and July 21. It is a powerful bullish reversal pattern. The downtrend from $77.84 has reversed. Oil has broken a resistance at $73.50. The break opened the way towards $77.96.