SINGAPORE: US oil may retest a support at $75.47 per barrel, driven by a wave e. This is the fifth wave of a five-wave cycle from the Nov. 7 high of $93.74.

It is expected to travel far below $75.47.

A falling trendline points at a target of $69.89, which looks a bit unrealistic.

The nearest target is either $75.47 or $74.15. The pattern between Oct. 10 and Nov. 17 has been confirmed as a double-top, suggesting a target around $70.

The bounce triggered by the support at $75.47 has proved to be a pullback towards the neckline of the pattern.

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Resistance is at $78.93, a break above which may lead to a gain into $79.74-$81.06 range.

On the daily chart, the support at $77.24 looks vulnerable under the intense attack of bears.

It won't be long before this barrier is overcome.

A close of the price below $77.24 could be the very early signal of a valid break.

A target zone of $62.89-$71.76 will be established then.