SINGAPORE: Brent oil may break a resistance at $76.17 per barrel, and rise towards $76.65-$77.37 range.

The surge on Wednesday confirmed a continuation of the uptrend from $70.43, which is riding on a wave C.

This wave failed in its first attempt to break its 61.8% projection level of $76.05, but may succeed in its current attempt.

A break could open the way towards $77.37. A projection analysis on the shorter uptrend from $70.88 reveals a lower target of $76.65, the 176.4% level.

Support is at $75.40, a break below could cause a fall into $74.15-$74.92 range.

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