SINGAPORE: Brent oil may break a resistance at $91.57 per barrel, and rise to $92.58, as the uptrend has resumed.

The resistance triggered a correction which has been driven by a shallower-than-expected wave (4).

The surge on Thursday marked the completion of this wave, which was supposed to travel towards $85.68.

The upwards wave (5) is developing.

A projection analysis on the uptrend from $69.24 still works well in revealing a few targets.The most realistic target is $92.58.

Brent oil may drop into $85.68-$87.30 range

Support is at $90.95, a break below which could cause a fall into $89-$89.94 range.

On the daily chart, oil seems to be riding on a powerful wave iii, which is extending $92.69-$94.70 range, as pointed by the upper trendline of an expanding wedge.

This wave is unlikely to extend far above $94.70, as it is subject to a deep correction, which has been missing since Dec. 20.

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