US oil may rise into $81.67-$82.18 range

SINGAPORE: US oil may break a resistance at $81.13 per barrel and rise into $81.67-$82.18 range.

The contract managed to stabilize around a support at $79.42.

The stabilization suggests a completion of the correction from $82.18.

A rising channel indicates a target of $78.57, which looks doubtful now.

It will only become valid when oil drops to $79.42 again.

On the daily chart, oil looks a bit sideways in the narrow range of $79.71-$81.78.

A break below $79.71 could open the way towards $77.63-$78.42 range, while a break above $81.78 could confirm the continuation of the uptrend towards $83.07.

Regardless of the following move, the uptrend remains intact which is riding on a wave 3 that is only partially complete.

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