SINGAPORE: US oil may test a resistance at $48.42 per barrel, a break above which could lead to a gain to $49.28.

The resistance is identified as the 7% retracement of the uptrend from $37.06 to $49.28. Support is at $47.50, a break below which could cause a fall to $46.40.

It is not very clear if the uptrend has resumed, as the correction from $49.28 may consist of three waves. So far, only the first wave has completed.

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