SINGAPORE: Brent oil may retest a support at $67.33 per barrel, a break below could open the way towards the range of $65.82-$66.88.

The contract is riding on a downward wave c from $70.02. This wave looks too short and shallow to complete, as it is expected to be roughly equal to the preceding wave a.

A retracement analysis on the rise from $62.38 to $71.38 suggests a target zone of $65.82-$66.88.

Another retracement analysis on the rise from $66.50 to $70.02 reveals an immediate resistance at $68.68, a break above which could lead to a gain into $69.19-$70.02.

On the daily chart, the consolidation below a resistance at $71.75 - the Jan. 8, 2020 high, may develop further.

This consolidation could be classified as a pullback towards a pivotal level of $66.29, the 100% projection level of an upward wave C from $35.74.

This wave may resume towards a range of $77.96 to $85.17, once the current correction is over.

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