SINGAPORE: US oil may retest a resistance at $61.55 per barrel, a break above could lead to a gain to $62.69.
A correction from the March 8 high of $67.98 has completed, as its third component wave labelled c is roughly 1.618 times the length of the wave a.
Both of these waves adopted corrective wave mode, which means the uptrend may remain steady.
Support is at $60.41, a break below could cause a fall into $59.13-$59.70 range.
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