US oil may retest resistance at $76.14

US oil may retest a resistance at $76.14 per barrel, a break above which could lead to a gain towards $76.83-$77.29 range.

The contract is riding on a wave C, which may extend to $77.29, as it briefly travelled above $74.99, its 138.2% projection level.

Another projection analysis on the uptrend from $69.77 suggests a similar target of $76.83. The correction triggered by the resistance is regarded as a pullback towards $74.14. The pullback is over.

A break below $74.14 may cause a fall into $72.70-$73.57 range.

On the daily chart, the contract is expected to rise towards $78.47, as it has broken a resistance at $74.42, the 50% projection level of an upward wave C from $57.25.

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.

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