SINGAPORE: US oil may rise to $73.34, as it has broken a resistance at $71.09 per barrel.

The break opened the way towards $73.34. A projection analysis on a wave b from $75.52 reveals a similar target of $73.16.

The wave b peaked at $75.52, which serves as a target. Strategically, this target will be confirmed when oil breaks $73.34.

A break below $71.09, now a support, may open the way towards $69.27-$70.19 range. On the daily chart, the uptrend could have resumed, following the formation of a morning star.

Oil may revisit its July 6 high of $76.98.

Oil prices rise on signs of tightening supplies

A projection analysis reveals a realistic target zone of $72.74-$73.62.

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