SINGAPORE: US oil may retest a support at $45.41 per barrel, a break below which could cause a fall into $44.63-$45.11 range.

The support is identified as the 238.2% projection level of an uptrend from $40.57. The correction from the Dec. 4 high of $46.68 looks incomplete.

Three waves make up the correction.

The brief surge on Monday was driven by the second wave labelled b, which is expected to be totally reversed by the current wave c.

Resistance is at $45.88, a break above which could lead to a gain into $46.18-$46.66 range.

On the daily chart, oil failed to break a resistance at $46.30 again.

The failure has triggered a drop towards $44.95.

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