SINGAPORE: Brent oil may test a resistance zone of $122.25-$122.42 per barrel, a break above which could lead to a gain to $123.91.

The zone triggered a correction, which is classified as a pullback towards an inverted head-and-shoulders.

The pullback is expected to end above a support at $118.87.

The pattern suggests a target of $123.91, which is yet to be reached.

The high of $128.28 is likely to be revisited once oil climbs to $123.91.

A break below $118.87 may cause a fall to $117.35. On the daily chart, oil looks steady above a rising trendline. The intact trendline suggests a healthy uptrend which is expected to extend towards $129.17.

Brent oil may test resistance at $118.87

A common gap forming between May 31 and June 1 has been almost covered.

It indicates a steady uptrend as well. A break below $118.03 could cause a fall to $113.05.