SINGAPORE: Brent oil may gain more to $69.95 per barrel, as it has broken a resistance at $68.43.

The next resistance will be at $69.95, a break above which could lead to a gain to $71.18-$72.41 range.

The strong momentum of the current rise suggests the completion of a wave c from $76.38.

Indeed, the whole correction from the July 6 high of $77.84 could have ended.

Based on this observation, oil may extend its gains to $72.41, as this round of rise could be as strong as the one from the July 20 low of $67.44.

A break below $68.43 may cause a fall limited to $67.39. The break will be confirmed when oil drops to $68.10.

On the daily chart, the big white candlestick forming on Monday above a rising trendline confirmed a steady uptrend, which may have resumed towards $71.69.

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