The range is formed by the 123.6pc and the 114.6pc projection levels of a downward wave (C) from $75.60. The bounce from the June 5 low of $59.45 has extended above a falling channel.

It shows no sign of completion.

So long as oil hovers above $63.19, it may rise further.

A break below $63.19 could cause a loss into a range of $61.39-$62.38.

On the daily chart, oil has broken a resistance at $62.77, the 50pc retracement on the uptrend from $49.93 to $75.60. It is likely to extend its gains to $65.79.

It must be noted that the downtrend from $75.60 remains intact. It is expected to resume when the current bounce ends around $65.79.

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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.