SINGAPORE: US oil may end its bounce around a resistance at $77.62 per barrel and retest a support at $74.17 thereafter.

The bounce from the Dec. 9 low of $70.08 consists of three waves.

The current wave c is still unfolding towards $77.62.

This wave looks extremely weak.

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It is highly likely to complete around $77.62. A break below $75.49 may signal the completion of this wave.

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