SINGAPORE: US oil may end its gains around a resistance at $74.37 per barrel, as suggested by a projection analysis. The resistance is identified as the 100% projection level of a wave c from $66.82.

This is the final wave of a zigzag.

Making the resistance stronger is another one at $74.51, the 61.8% retracement of a downtrend from $80.94.

US oil may gain more to $74.37 after brief consolidation

Support is at $73.34, a break below which could trigger a drop into the $71.49-$72.59 range.

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