SINGAPORE: US oil may retest a resistance at $74.14 per barrel, with a good chance of breaking above this level and rising towards $74.99.

The contract is riding on a wave C, which may travel into $74.99-$77.29 range. Another projection analysis on the uptrend from $69.77 suggests an overlapping target zone of $75.48-$76.83.

Key support is at $72.70, a break below which could cause a fall into $71.28-$71.96 range.

On the daily chart, oil has completed a pullback towards $71.93.

It is poised to break a resistance at $74.89 and rise towards $79.68-$84.47 range.

Pivotal 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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