SINGAPORE: US oil may test a resistance at $59.78 per barrel, a break above which could lead to a gain to $61.35.
The bounce from $57.25 consists of three waves.
Two waves have completed. The current wave c is travelling towards $61.35, as these waves may make up a flat pattern.
A break below $58.82 could be followed by a drop into $57.25-$58 range.
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.
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