SINGAPORE: US oil may rise into a range of $81.10-$81.73 per barrel, as it has broken above a resistance at $80.09.

The break has opened the way towards a range of $82.74-$84.39, formed by the 138.2% and the 161.8% projection levels of an upward wave (c) from $73.14.

A more realistic target zone is from $81.10 to $82.74.

A break below the support at $58 may cause a fall limited to $80.09.

On the daily chart, oil is riding on a wave C, which has travelled above a key resistance at $78.62. This wave is expected to extend to $91.74.

An immediate target seems to be $83.64, which might be reached very soon, based on the current strong momentum.

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