SINGAPORE: US oil may test a resistance at $83.64 per barrel, a break above which could lead to a gain to $84.47.
The contract has broken a resistance at $82.81.
The break significantly increases the chance of a further rise to $84.47. A rising channel suggests the target of $84.47 as well.
Strategically, this target will be confirmed when oil breaks the immediate resistance at $83.64.
Brent oil may test resistance zone of $85.04-$85.14
As long as oil stays above the support zone of $82.49-$82.81, the target at $84.47 will remain intact.
A break below $82.81 may cause a fall into $81.79-$82.49 range.
On the daily chart, the contract has broken a key a resistance at $81.78. It is highly likely to extend into a range of $88.50-$90.57.
Wave pattern suggests the progress of a powerful wave 3, which shows little sign of completion.
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