SINGAPORE: US oil may gain more to $74.37 per barrel, as it has broken a resistance zone of $70.55 to $70.80. Before heading higher, oil may briefly consolidate around the zone, as the rise on Monday could be too fast to sustain.

A break below $72.37 could be followed by a drop to $71.49.

US oil may test resistance zone of $70.55 to $70.80

The whole bounce from $64.12 may end around $74.37, the 100% projection level of a wave c.