SINGAPORE: Brent oil may retest a resistance at $76.89 per barrel, a break above could lead to a gain at $78.35.
Even though oil failed twice to break the resistance, the uptrend looks steady within a rising channel, which suggests a target at $78.35.
There is no convincing signal of a double-top around this barrier. Support is at $75.24, a break below which could cause a fall into $73.84-$74.54 range.
On the daily chart, the trend is extending towards $77.96. Given that the uptrend from the May 21 low of $64.57 has not been disrupted by any decent correction, the resistance at $77.96 may trigger a deep one.
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