SINGAPORE: US oil may drop further into a range of $55.99 to $56.70 per barrel, as suggested by a falling trendline and a projection analysis.

The contract is riding on a wave e, the final wave of a five-wave cycle from the March 8 high of $67.98.

This wave is expected to end around the falling trendline, which establishes a support around $55.99.

A bounce from the current level may be limited to $58.55.

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.