SINGAPORE: US oil may retest a support zone of $72.59-$73.34 per barrel, a break below which could open the way towards $71.49.
The contract faces a strong resistance range of $74.37-$74.51, formed by the 100% projection level of a wave c and the 61.8% retracement of the downtrend from $80.94.
Either of these resistances are strong enough to stop the rise and trigger a decent correction.
Oil rises on US crude draw, Iraqi supply risks
A break above $74.51 could lead to a gain into $75.47-$76.97 range.
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