SINGAPORE: US oil may test a resistance at $72.39 per barrel, a break above which could lead to a gain to $73.38.

A double-top has been violated.

The bearish target indicated by this pattern became invalid.

The surge on Wednesday is complicating the picture, as it could be a continuation of the uptrend, or a bounce against the preceding fall.

In either case, oil is likely to climb towards $73.38. However, only a further gain above this level could confirm the continuation of the uptrend.

Support is at $70.79, a break below which could cause a fall into $68.99-$69.80. On the daily chart, signals are a bit mixed as oil found a support at $69.36.

As long as it remains in the narrow range of $69.36-$73.13, trending signals will be neutral. A break below $69.36 could open the way towards $63.26-$67.03.

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