SINGAPORE: US oil may gain more to $74.37 per barrel, as it has broken a resistance zone of $70.55 to $70.80. Before heading higher, oil may briefly consolidate around the zone, as the rise on Monday could be too fast to sustain.
A break below $72.37 could be followed by a drop to $71.49.
US oil may test resistance zone of $70.55 to $70.80
The whole bounce from $64.12 may end around $74.37, the 100% projection level of a wave c.
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