SINGAPORE: Brent oil may extend gains into a range of $70.41-$70.95 per barrel, driven by a wave 3.

This wave started at $68.11 and is capable of travelling to $72.71. Oil has pierced above a bullish wedge, which suggests a target of $80.

A fall from the current level may be limited to the support zone of $68.78-$69.20. On the daily chart, oil is poised to break a resistance at $70.75 and rise to $73.50.

The consolidation within the wedge could have prepared bulls with enough momentum to push the price towards the zone of $77.96-$85.17.

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