SINGAPORE: Brent oil may test a support at $61.22 per barrel, a break below could cause a fall to $59.91.

The bounce triggered by this support has completed, as it has been almost reversed.

Oil is riding on a wave C from $65.46, which is capable of at least travelling to $58.59, its 61.8% projection level.

The pattern from the March 23 low of $60.27 looks like a head-and-shoulders, which indicate a target of $56.97.

It will be confirmed when oil breaks $61.22.

Following its two failures to break $61.22, the contract may succeed in its current attempt. Resistance is at $63.84, a break above could lead to a gain into $64.68-$65.46 range.

On the daily chart, oil is consolidating around $62.91, the 38.2% retracement on the uptrend from $49.20 to $71.38.

This consolidation followed a drop from the March 29 high of $65.46.

Most likely, a continuation pattern is developing.

The drop may resume soon.

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