SINGAPORE: US oil may break a support at $46.40 per barrel and fall towards $44.61.

The support is identified as the 23.6% retracement of the uptrend from $37.06 to $49.28. The correction from $49.28 consists of three waves. So far, only two have completed.

The third wave labelled c is unfolding towards $44.61. Resistance is at $47.50, a break above which could lead to a gain to $48.42.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.