SINGAPORE: Brent oil may rise towards a range of $82.52-$83.05 per barrel, as it has found a strong support at $80.48.

The support is provided by the 38.2% retracement of the uptrend from $70.42 to $86.70. The correction from the Oct. 25 high of $86.70 may either end around this support or extend into $76.64-$78.56 range.

The stabilization of the price around the support signals at least a temporary completion of the fall. Oil may try to recover the sharp fall from the Thursday high of $84.49.

A break below $80.48 could cause a fall into $79.28-$79.75 range. On the daily chart, an inverted hammer formed on Thursday, working as a strong bullish reversal signal.

This pattern indicates a delicate swing of the market sentiment to the bullish side. Oil may bounce toward $85.17 over the next one or two trading sessions.

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