SINGAPORE: US oil may test a resistance zone of $70.55 to $70.80 per barrel, a break above could lead to a gain to $72.37.
The contract climbed above a falling trendline again. It seems to be riding on a wave c, the third wave of a zigzag.
This wave is expected to travel above the resistance zone of $72.37 to $72.53.
US oil may drop into $67.27-$68.09 range
Support is at $68.60, a break below could open the way towards $66.82-$67.92 range.
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