SINGAPORE: Brent oil may gain more to $113.05, as it has broken a resistance at $106.89 per barrel.

The next resistance will be at $113.05, a break above could lead to a gain to $118.03.

After a few failures to break $103.09, oil started a decent bounce or resumed its uptrend from $96.93.

The rise will look more and more like a continuation of the uptrend if oil could keep its bullish momentum.

A break below $106.89, now a support, may cause a fall into $99.88-$103.09 range.

Brent oil may bounce into $103.02-$105.39 range

On the daily chart, the consolidation was thought to be shaped into a triangle.

With oil refusing to fall more towards $97.26, this triangle may turn out to be a wedge.

Both of these patterns may be followed by a round of strong rally.

They will be confirmed when oil breaks $116.46.