The resistance is identified as the 23.6 percent retracement on the uptrend from $58.20 to $64.24. The drop from $64.24 has been greatly reversed. The reversal signals an extension of the uptrend from $58.20.

On the daily chart, oil seems to be rising towards $64.35, after its stabilization around a support at $60.09, the 61.8 percent projection level of an upward wave (C).

Wave pattern suggests that oil is riding on a wave iii, which is capable of travelling to $67.27. A break below $61.93(first chart) may cause a loss into $60.51-$61.22 zone.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.