US oil may test resistance at $59.78

SINGAPORE: US oil may test a resistance at $59.78 per barrel, a break above which could lead to a gain to $61.35.

The bounce from $57.25 consists of three waves.

Two waves have completed. The current wave c is travelling towards $61.35, as these waves may make up a flat pattern.

A break below $58.82 could be followed by a drop into $57.25-$58 range.

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