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SINGAPORE: US oil may test a resistance at $107.66 per barrel, a break above which could lead to a gain to $112.02.

A five-wave cycle from $130.50 has completed, as confirmed by its wave structure and the strong rise on Thursday. A retracement analysis suggests a target zone of $112.02-$116.38.

Support is at $102.26, a break below which could cause a fall to $98.94.

US oil may bounce towards $104.50

On the daily chart, oil is presumed to be riding on a wave B, the second wave of a correction from the March 7 high of $130.50.

This wave could travel to $114.88, if the correction adopts a zigzag mode, or to $130.50 if it is shaped into a flat pattern.

A realistic target zone is from $108.54 to $110.94, as oil has broken a resistance at $104.62.

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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