SINGAPORE: Brent oil may test a resistance at $72.41 per barrel, a break above which could lead to a gain to $73.93.

The consolidation from the July 30 high of $76.38 might be shaped into a wedge, which may consist of three or five waves. Under the three-wave scenario, the current rise could be regarded as a continuation of the uptrend from the March 23 low of $60.27.

Under the five-wave scenario, the current rise could be riding on a wave (d).

In either case, oil is expected to rise into $73.93-$74.86 range.

Brent oil may test support at $67.66

Support is at $71.18, a break below which could cause a fall to $69.95.

On the daily chart, the uptrend looks steady, as oil stabilized above a rising trendline.

The contract has broken $70.75. It is likely to extend gains to $73.50.

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