SINGAPORE: US oil may revisit its May 18 high of $67.01 per barrel, as the drop from this level has been almost reversed.

The reversal is as sharp as the drop. It confirms a resumption on the uptrend from $57.25.

A break above $67.01 could lead to a gain at March 8 high of $67.98.

Support is at $65.59, a break below could cause a fall to $64.71. On the daily chart, oil has pierced into a resistance zone of $65.65 to $66.60.

Following its repeated failures to break this zone, the contract may succeed in its current attempt. A break could open the way towards $71.93.

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