This is the third wave of a bigger wave C from $51.23. After rising above $57.93, the 50 percent projection level of the wave C, oil is likely to climb up to $59.51.

However, the resistance at $58.59 should not be overlooked. It is provided by the 61.8 percent projection level of the wave c. A mild correction may be triggered by this barrier, towards $57.81.

Both the wave c and the wave C are capable of extending further. The wave c has a maximum target at $61.10 while the wave C may travel to $61.46.

On the daily chart, oil has broken a strong resistance at $57.48, the 38.2 percent retracement on the uptrend from $26.05 to $76.90. The break opened the way towards $64.90.

* The analysis is based on delayed data, prediction may be affected. Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.

** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **