SINGAPORE: Brent oil may retest a support at $65.46 per barrel, a break below which could cause a fall to $63.84.

The downtrend from the March 8 high of $71.38 may have resumed, driven by a wave C. A projection analysis reveals a precise support at $65.46, which temporarily holds.

However, this wave is expected to travel to $61.21. As a result, the support may be broken soon. Resistance is at $66.46, a break above which could lead to a gain to $67.30.

On the daily chart, the trend is developing within a rising channel, which suggests a fall towards $62.91. Oil failed to break a resistance at $68.14.

The failure triggered the fall.

Wave pattern indicates the completion of a wave b and the start of a wave c which may travel to $60.29, around the bottom of the wave a.

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