SINGAPORE: US oil may test a resistance at $79.19 per barrel, a break above which could lead to a gain into $79.96-$81 range.
The bounce from the Dec. 9 low of $70.08 has extended.
It consists of three waves.
The current wave c has travelled above its 61.8% projection level of $78.07.
Chances are it may extend to $81.
Oil prices rise over $2 on drawdown in U.S. crude stocks
A break below $78.07 may be followed by a drop to $77.16.