SINGAPORE: US oil may drop more into a range of $70.72-$72.04 per barrel, driven by a wave C. This wave is capable of travelling into a wide range of $63.20-$70.89, formed by its 100% and 61.8% projection levels.
In addition to this set of projection levels, the wave C is well controlled by another set of fine-tuned projection levels on the fall from $90.10.
Immediate resistance is at $75.49, a break above which could lead to a gain into $76.55-$77.62 range.
US oil may retest resistance at $83.20
On the daily chart, oil is poised to test a support at $71.76.
A break could open the way towards $62.89. However, this support is close to $70.89 (hourly chart). Together, they may temporarily stop the fall and trigger a bounce.
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