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US oil may retest a resistance at $73.99 per barrel, a break above which could lead to a gain into $74.98-$76.59 range.
The contract is riding on a fierce wave (c), which has briefly travelled above the peak of the wave (a) around $72.87. It is expected to extend into $74.98-$76.59 range.
A projection analysis on this wave itself reveals a target of $76.95, which is close to $76.59. The contract triggered a shallow correction which may end in the support zone of $72.20- $72.87, formed by a trendline support and the 107% projection level.
On the daily chart, a high-low bottom from the Dec. 2 low of $62.43 has been almost confirmed. It indicates a target of $79.23.
Ideally, oil should stand firm above the rising trendline on Monday. A close below this trendline, especially a break below $71.69 will cloud the bullish outlook.
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.
