The resistance is provided by the 100 percent projection levels of a wave (c) from $64.02. The projection analysis reveals a support at 71.14, the 86.4 percent level, around which oil managed to stabilize.

The stabilization suggests that the either the fall from the April 25 high of $75.60 is over, or the first round of this fall has ended. Oil may pull back towards a rising trendline or revisit the high of $75.60.

A break below $71.14 could cause a loss into the range of $69.11-$70.32. On the daily chart, oil made false break above a resistance at $72.66. It is expected to consolidate around this level for a few days.

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** 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. **