SINGAPORE: US oil may test a support at $77.61 per barrel, a break below may open the way towards $76.47.

A correction started, following the failure of the contract to break a resistance at $79.11.

Three waves make up the correction. So far, only two have unfolded.

The wave c is expected to travel towards $76.47.

US oil may test resistance at $78.06

A break above $79.11 may lead to a gain into $80.02-$81.12 range.