SINGAPORE: US oil may test a resistance at $49.83 per barrel, a break above which could lead to a gain to $50.66.

The resistance is identified as the 223.6% projection level of an uptrend from $37.06. Wave pattern suggests the progress of an upward wave V, which is expected to travel far above the recent high of $49.28.

Support is at $48.42, the 7% retracement of the uptrend from $37.06 to $49.28, a break below which could cause a fall to $47.50.

On the daily chart, the uptrend looks steady. Wave pattern seems to be clearer. Based on the assumption that the wave 5 would be equal to the wave 1, the trend may extend far above $52.01.

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