SINGAPORE: US oil may rise to $64.24 per barrel, as it has broken a resistance at $62.59.

The break confirmed a small double-bottom developing around $60.75, which suggests a target of $64.24. Oil is pulling back towards $62.59, now a support.

Only a fall below $62.04 could signal a continuation of the downtrend from $64.24. It is not very clear if oil could surge above $64.24, towards $65.45. A rising trendline does suggest such a possibility.

On the daily chart, oil is heading towards $64.12, a break above which could open the way towards $66.65, the Jan. 8, 2020 high.

It is still too early to conclude the uptrend from the Nov. 2, 2020 low of $33.64 has resumed, as the correction from $67.98 is expected to match the one from the Aug. 25, 2020 high of $43.57, which ended on Nov. 2, 2020.

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