SINGAPORE: US oil may fall into a range of $76.15-$77.25 per barrel, as suggested by a projection analysis and a gap.

One main purpose of the fall is to fill a gap forming on April 3. With the fall increasingly gaining momentum, the target of $76.15 could be quickly reached.

Theoretically, the fall could extend to any point above $66.82.

Where it is going to end is still subject to a further observation.

Resistance is at $79.04, a break above which could lead to a gain to $80.14. On the daily chart, oil has broken a support of $80.62.

US oil may fall further into $79.04-$80.89 range

It is approaching the support at $77.24, with a good chance of breaking below this level and falling to $71.76.

The trend from $64.12 might have been driven by a wave (D), which could be totally reversed by a wave (E) in due course.