SINGAPORE: US oil may test a resistance at $113.10 per barrel, a break above which could lead to a gain to $115.56.

The drop from $115.56 stopped around a key support at $104.83, the 61.8% retracement of the preceding uptrend from $98.20.

The strong gain from the Thursday low of $105.13 confirmed a completion of the drop and the continuation of the uptrend.

Oil may revisit the high of $115.56 soon. Support is at $110.35, a break below which may be followed by a shallow drop to $109.11.

US oil may end bounce below $111.46 and resume drop

On the daily chart, a piercing pattern formed between Thursday and Wednesday, which further confirmed the completion of the correction triggered by the resistance at $116.38.

Oil is expected to retest the resistance at $116.38. Only a close below $107.65 on Friday could indicate the continuation of the fall towards $102.25.