SINGAPORE: US oil may test a support at $77.61 per barrel, a break below which may open the way towards $73.73-$75.97 range.

The contract is riding on a wave C from $90.19, which is expected to travel to $73.73, its 100% projection level.

The current moderate bounce seems to have ended around a resistance at $80.02.

US oil biased to retest support at $82.42

A downward wave 3 may have resumed.

A break above $80.02 could lead to again to $81.12.