SINGAPORE: Brent oil may break a resistance at $117.80 per barrel and extend gains into the range of $120.73 to $123.11, as suggested by a projection analysis.
The current rise followed the completion of a five-wave cycle from $139.13.
A retracement analysis on the cycle reveals a target zone of $118.03 to $123.01.
Brent oil may revisit March 7 high of $139.13 in Q2
The contract briefly pierced above $118.03, chances are it may climb more towards $123.01.
A projection analysis on the fall from $133.15 marks more precise range of $120.73-$123.11.
Support is at $115.79, a break below could cause a fall into the $110.13-$113.06 range.
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