SINGAPORE: US oil may retest a resistance at $106.10 per barrel, a break above which could lead to a gain to $107.74.
The current bounce seems to be taking the shape of a triangle, which may consist of five small waves.
A break below $103.45 could open the way towards $100.80.
US oil to rise towards $113.35-$114.68 range
On the daily chart, the doji on Thursday symbolizes the temporary stabilization of the market.
It must be noted that the downtrend could resume soon, as it is riding on a wave (C) which may travel to $86.11.