SINGAPORE: US oil looks neutral in a range of $63.88-$65.45 per barrel. The bias seems to be towards the downside.

The contract failed again to break a resistance at $66.52. The failure suggests the formation of a triple-top around this level.

The pattern will be confirmed when oil breaks $63.88. It will then suggest a target around $60.

A break above $65.45 may lead to a gain to $66.52.

On the daily chart, oil failed to break a strong resistance zone of $65.65-$66.60.

The long-expected second correction may be developing towards $61.79, as indicated by a triangle.

The pattern appeared after an uptrend.

It looks like a bullish continuation pattern, which means the uptrend may resume upon the completion of the current correction.

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