SINGAPORE: US oil may break a resistance at $83.70 per barrel, and rise into the $84.80-$86.59 range. The gain on Wednesday confirmed the continuation of an uptrend from the March 20-low of $64.12. A total of five waves make up this trend.

The current wave (5) is travelling towards $85.59, assuming it is roughly equal to the wave (1).

A correction from the current level may be limited to a support zone of $81.92-$82.45.

US oil may test support of $79.04

On the daily chart, the rise seems to be riding on a wave (D), which is of the same degree as the preceding wave (B) from the April 11, 2022-low of $92.93.

A falling channel suggests a target zone of $86.11-$88.74. Such a wave structure suggests the price will return to the $64.12 level in due course.