SINGAPORE: Brent oil may rise towards Nov. 10 high of $85.50 per barrel, as it has stabilized in a support zone of $80.48-$81.14.

The drop this high is classified as a deep correction against the rise from the Nov. 4 low of $80.20. This drop is expected to be totally reversed over the next few days.

Key support is at $80.48, the 38.2% retracement of the uptrend from $70.42. A break could confirm the extension of the corrective cycle from $86.70, towards $78.56.

On the daily chart, the consolidation from $86.74 shows early sign of completion around a support at $81.57, one of the projection levels on the uptrend from $35.74.

Oil prices slide on expectations of higher crude supply

A fall below $80.20 could confirm the extension of the downtrend towards $73.50-$77.96 range.

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