SINGAPORE: US oil may break a resistance at $71.85 per barrel and rise towards the next resistance at $73.35. The rise on Monday looks so strong that it suggests a completion of the fall from the May 10 high of $73.89, or the first part of this fall.

The uptrend from $63.64 may have resumed as well.

To confirm the resumption, oil has to break above $73.35.

So far, the rise closely observes the set of projection levels on the presumed wave c from $69.43.

Immediate support is at $70.93, a break below which could open the way towards $69.43-$70.15 range.

US oil may test support of $68.85

On the daily chart, the contract managed to stabilize around a support of $70.02. A consolidation above this level is highly likely.

The consolidation may not necessarily end up with a gain to $75.62.

But such a possibility does exist.

The best bet is that oil may slowly climb towards $75.62.