SINGAPORE: US oil may retest a resistance at $95.52 per barrel, a break above leads to a gain into $97.07-$98.73 range.

The correction triggered by a former resistance at $94.38 was quickly reversed.

The reversal signals a steady uptrend. The trend is riding on a wave 5, which may travel to $97.07-$98.73 range, as pointed by a rising trendline.

US oil may test resistance at $95.52

Key support is at $92.72, a break below will not only cause a fall into a wide range of $88.36 to $91.37, but also confirm a reversal of the uptrend from $74.27.

On the daily chart, oil has broken a key resistance at $93.80. It is rising towards $96.69-$98.66 range.

The further oil rises, the more likely it would extend gains into a zone of $108.86 to $113.51.

A close below $93.82 on Tuesday could signal a weakness of the market. A further slide into $89.17-$91.50 range will be likely.

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