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

The support is provided by the 223.6% projection level of an uptrend from $40.57. The correction from the Dec. 4 high of $46.68 has extended.

The correction is driven by a wave c, which is capable of travelling to $44.63. Key resistance is at $46.18, a break above which could lead to a gain into the range of $46.66-$47.44.

On the daily chart, oil looks neutral in a range of $44.95-$46.30. An escape could suggest a direction. A break above $46.30 could lead to a gain to $47.70, while a break below $44.95 could cause a fall to $43.60.

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