SINGAPORE: US oil may test resistance at $64.61 per barrel, a break above which could lead to a gain to $65.79.

The contract seems to be riding on a wave (e), the fifth wave of a bigger wave B from the March 23 low of $57.25.

This wave may extend close to $65.79, as pointed by a rising trendline.

A downward wave C would then start, to deeply reverse the wave B. Support is at $63.42, a break below which could be followed by a drop into the zone of $62.01-$62.69.

On the daily chart, oil has broken a resistance at $64.12. It will test the next resistance zone of $65.65-$66.60, formed by the Jan. 8, 2020 high and the April 23, 2019 high.

The current prediction is oil would fail again to break the zone and then start a correction which is much shallower than the one from $67.98.

Only when the second correction is over, could the uptrend resume.

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