SINGAPORE: Brent oil may retest a support at $71.18 per barrel, with a good chance of breaking below this level and falling to $69.95.

The contract is riding on a wave (c) from the July 30 high of $76.38, which is capable of travelling into a wide range of $65.98-$69.95.

The bounce triggered by the support seems to be ending around a resistance at $72.41, where the downtrend could resume. A break above $72.41 may lead to a gain to $73.93.

On the daily chart, the contract is expected to test a support at $73.50, a break below which could cause a fall to $68.43.

Crude oil demand: jittery road to recovery

A rising trendline suggests a target of $68.43 as well.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.