SINGAPORE: US oil may retest a resistance at $80.26 per barrel, a break above which could lead to a gain into $80.77-$81.39 range.

A retracement analysis reveals that about 86.4% of the fall from $81.50 has been reversed.

Chances are the high of $81.50 may be revisited soon. Oil is presumed to be riding on a wave c from $73.84, which may travel to $80.77.

This wave is a part of a bigger wave C from $72.46.

Another projection analysis suggests a higher target of $83.88. Support is at $79.13, a break below which could open the way towards $78.12.

On the daily chart, the current rise is classified as a part of the consolidation triggered by the support at $71.76, the 138.2% projection level of a wave (C) from $123.68.

Oil prices pare gains on US winter storm worries

This wave is assumed to complete around $62.89. Based on this assumption, oil may retest the support at $71.76 in due course.