SINGAPORE: US oil may retest a resistance at $52.84 per barrel, a break above could lead to a gain into $53.41-$54.19 range.

The contract has broken a key resistance at $52.01, the 261.8% projection level of an uptrend from $37.06.

The break is a milestone in marking another victory of bulls. The next resistance is at $52.84, which caused a shallow correction.

The correction seems to be ending around $52.01, now a support.

A break below level could cause a fall to $51.34.

On the daily chart, the strong bullish momentum has pushed the price above a rising channel.

A duplicated channel indicates a new price band of $52.84-$56.37.

The escape from the lower channel suggests an acceleration of the rise.

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