SINGAPORE: US oil may test a resistance at $72.70 per barrel, a break above will not only led to a gain to $73.57 but also confirm a resumption of the uptrend.

The correction triggered by the resistance has almost been reversed.

This correction may have adopted a flat pattern, which consists of three waves that are roughly equal in length.

Support is at $71.28, a break below could cause a fall into $69.96-$70.60 range.

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