SINGAPORE: US oil may break a resistance at $77.58 per barrel and rise into $78.54-$79.18 range.

The rise on Tuesday suggests an extension of a wave (c) towards $78.54, its 114.6% projection level. This wave seems at the same time observe a set of projection levels on the uptrend from $65.60.

The resistance at $77.58 looks vulnerable, as bulls could have accumulated enough momentum after the correction to the Jan. 3 low of $74.27.

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