SINGAPORE: Brent oil may end its bounce around a resistance at $82.03 per barrel, and retest a support at $79.54 thereafter.
A downward wave c from $83.14 looks incomplete. It is expected to travel to $78.43. The support at $79.54 is much strong stronger than expected, successfully holding firm and triggering a good bounce.
A falling trendline establishes a resistance around $82.03 as well. Chances are the bounce may end around this line.
Brent oil may retest $83.05; bullish above $81.14
A break above $82.03 could open the way towards $83.14, a further rise above which could signal the continuation of the uptrend towards $85.50.
On the daily chart, the current fall looks like a pullback towards a long-term trendline falling from the 2008 high of $147.50.
The pullback is expected to extend a bit to $77.96, around which the uptrend may resume.
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