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SINGAPORE: US oil may bounce more into a range of $75.49-$76.55 per barrel, as a five-wave cycle from $83.34 has completed.
The wave 4 ended around $75.49, which serves as a bounce target.
Strategically, this target will be confirmed when oil breaks $74.17.
Immediate support is at $73.26, a break below which may be followed by a shallow drop to $72.04.
The bounce may resume upon the completion of the this drop.
Oil jumps on supply risks, ongoing Keystone outage
On the daily chart, a projection analysis reveals a higher target of $77.24, as oil has stabilized around a support at $71.76.
The downtrend from $123.68 remains steady. It is expected to extend to $62.89.
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