SINGAPORE: US oil looks neutral in a range of $80.14-$81.92 per barrel, and an escape could suggest a direction.

The contract is consolidating within an ascending triangle, which looks more like a top pattern than a continuation pattern, as the uptrend from $66.82 seems too linear to sustain.

Oil is struggling around a strong resistance zone of $80.62 to $80.94.

Its sideways move represents a disorientation of the market.

The symmetrical nature of the chart suggests a downside bias.

US oil may retest support at $79.04

On the daily chart, oil is likely to cover a common gap forming between March 31 and April 3, as it failed to maintain its momentum after jumping more than 6% on April 3.

A correction may develop, which could roughly mirror the sideways move between Feb. 6 and March 13, in a range of $71.76 to $80.62.