SINGAPORE: US oil may retest a resistance at $74.14 per barrel, a break above which could lead to a gain to $74.99.

The drop triggered by this resistance has completed at a support of $71.96. The uptrend may have resumed.

The trend is driven by a wave C, which may travel into $74.99-$77.29 range.

Support is at $72.70, a break below which could cause a fall into $71.28-$71.96 range. On the daily chart, the fall is considered as a pullback towards the former resistance at $71.93.

The fall could also be interpreted as an accumulation of the bullish momentum to break a resistance at $74.89.

Based on a projection analysis, key support is at $71.93, which is near $71.96 (hourly chart), a break below which may open the way towards $67.14-$69.17 range.

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