SINGAPORE: US oil may retest a support at $61.35 per barrel, a break below which could cause a fall towards $59.78.

The downtrend from $67.98 could have resumed, as suggested by the drop on Tuesday. The trend is riding on a wave C which is capable of travelling to $57.25.

Resistance is at $62.62, a break above which could lead to a gain to $63.88.

On the daily chart, oil failed to break a resistance at $64.12.

The failure marked the completion of the bounce from the March 23 low of $57.25.

The current wave c may travel into a range of $55.50-$57.88.

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