SINGAPORE: US oil may test a resistance at $62.34 per barrel, a break above which could lead to a gain into the $62.85-$63.66 range.

The uptrend has resumed, which is riding on a wave (5)-3, the third part of a big wave (5). Based on its structure, this wave (5) may extend a lot.

A fall from the current level is expected to end above a support at $61.02. A fall below this level could suggest the current wave count is incorrect. A review will be done then.

On the daily chart, oil has moved into a new price band of $60.73-$65.65, defined by the upper channel. It may soon climb to the Jan. 8, 2020 high of $65.65.

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