SINGAPORE: Brent oil may retreat moderately to a support at $76.50 per barrel, before breaking a resistance at $77.37 and rising into $77.84-$78.51 range.

The contract is riding on a wave C, which has travelled above its 61.8% projection level of $76.05. Chances are it may extend to $79.52.

Another projection analysis reveals a support at $76.50, a break below may cause a fall limited to $76.05.

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