SINGAPORE: US oil may approach a resistance at $77.62 per barrel again, as the bounce from the Dec. 9 low of $70.08 seems to have extended.

Driven by a wave c, the bounce may first extend to $77.62.

The current speculation is the extension may end around this level, followed by a resumption of the drop from $83.34.

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A break above $77.62 could lead to a gain into $78.94-$79.75 range.