SINGAPORE: Brent oil is poised to break a resistance at $69.87 per barrel, and rise towards the March 8 high of $71.38.

After its two failures, oil approached $69.87 again. This time, it is highly likely to overcome this barrier and rise more.

A wedge is contracting to a point, which looks more like a bullish continuation pattern. Once confirmed, it will suggest a target of $80.

Support is at $68.76, a break below could cause a fall to $67.14. On the daily chart, oil is expected to test a resistance at $70.75, a break above could lead to a gain to $73.50.

The rise from the March 24 low of $60.47 looks like a continuation of the uptrend from $35.74. But this trend will only be confirmed when oil breaks $70.75.

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