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SINGAPORE: US oil may retest a support at $60.75 per barrel, a break below which could cause a fall to $59.92. The support triggered two bounces, which are regarded as a part of a wave C from $64.24.

This wave is capable of travelling to $57.25, the ending point of the preceding wave A.

The second bounce may end around $62.59 again, as it looks like the third leg of a small flat pattern.

A break above $62.59 could lead to a gain to $63.88.

The wave count will have to be reviewed then.

On the daily chart, the correction from $67.98 is expected to be as lasting as the one from the Aug. 25, 2020 high of $43.57, which ended on Nov. 2, 2020.

As far as the duration is concerned, the correction looks incomplete.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

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