SINGAPORE: Brent oil may end its current weak bounce around a resistance at $69.95 per barrel and retest a support at $67.39 thereafter, as suggested by its wave pattern and a projection analysis.

The contract is riding on a wave (c) from the July 30 high of $76.38.

This wave is expected to travel to $65.98, its 100% projection level.

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Oil has travelled far above a resistance at $68.43, it may edge up to $69.95, as suggested by a short falling channel. The following drop may develop in this channel.

A break above $69.95 could lead to a gain to $71.18. On the daily chart, oil has pierced below a support at $68.43.

Signals on the hourly chart suggests a break below this level.

A break will not only open the way towards $64.15-$66.29 range, but also suggest a reversal of the uptrend from $35.74.

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