SINGAPORE: US oil may test a resistance at $78.06 per barrel, a break above which may open the way towards $79.11.

A small five-wave cycle may have completed around $76.47.

The contract is due for a decent bounce, as suggested by the bullish divergence on the RSI.

US oil may test support at $77.61

A break below $76.47 could open the way towards $74.85.