SINGAPORE: Brent oil may edge up to a resistance at $117.78 per barrel, a break above could lead to a gain to $119.35.
The contract managed to stabilize around a support at $115.92, which is strengthened by a similar one established by a rising trendline.
As long as the trendline and the support of $115.92 remain intact, the uptrend may resume towards $120.80.
A break below $115.92 could open the way towards $112.91.
The break will be confirmed when oil falls below $115.15.
On the daily chart, the resistance at $123.01 proved strong.
Brent oil may retest resistance at $122.38
The deep fall from the Tuesday high of $125.28 could be a simple correction against the steady rise from the May 19 low of $105.70, or a continuation of the downtrend from $139.13.
Under both of the scenarios, oil is likely to slide towards $113.05.
The bounce towards $117.78 on the hourly chart could be interpreted as a pullback towards $118.03.
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