SINGAPORE: Brent oil faces a resistance at $64.51 per barrel. It may hover below this level for one day or retrace towards $62.89.

A five-wave cycle from $71.38 ended at $60.27 on Tuesday. Over the next few days, this cycle will be partially or totally reversed.

The narrow congestion area between March 19 and March 22 strengthens the resistance at $64.51, making a further gain less possible. At least, oil may consolidate below this level for a while.

A break above $64.51 could lead to a gain into $65.83-$67.14 range.

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