SINGAPORE: US oil may retest a support of $65.97 per barrel, a break below may open the way towards $62.77-$64.23 range. The contract is riding on a wave c from $77.47, which has briefly extended below its 161.8% projection level of $67.49.
Chances are that this wave could extend into a range of $61.32 to $62.77.
In terms of its pattern, this wave looks incomplete. It consists of five smaller waves.
The wave 3 is still unfolding towards $61.32. Resistance is at $68.94, a break above could lead to a gain into $69.84-$70.87 range. On the daily chart, a confirmed bearish flag suggests a target around $57.
US oil may bounce into $73.66-$74.38 range
A projection analysis on the wave C from $123.68 marks a nearer target of $62.89. Both targets could be fulfilled soon.
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