SINGAPORE: Brent oil may retreat to $73.87 per barrel, as it failed to break a resistance at $76.43 and also dropped below a support at $75.39.

The drop does not look like a pullback towards a falling trendline. Instead, it could be deep correction against the rise from $67.44.

The correction could be deep enough to extend to $72.64, to form a symmetrical part to the rise from the July 8 low of $72.11.

Brent oil may fall more to $67.14

A more bearish scenario is that the downtrend from $77.84 has resumed.Resistance is at $75.39, a break above which could lead to a gain into $76.43-$77.84 range.

On the daily chart, the contract is expected to fall to $73.50.

The fall is tentatively classified as a pullback towards $73.50.A further drop could be extended to $70.75.

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