SINGAPORE: US oil may break a support at $76.95 per barrel and fall to $75.47.
The sudden drop from the Wednesday high of $78.58 suggests a completion of the wave (c) around its 114.6% projection level.
Even though this wave remains incomplete, the bearish divergence indicates a further drop.
A break above $78.54 could lead to a gain into the range of $79.52 to $81.12.
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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