US oil may test resistance at $79.19

SINGAPORE (Reuters): US oil may test a resistance at $79.19 per barrel, a break above which could lead to a gain into $79.96-$81 range.


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


The current wave c has travelled above its 61.8% projection level of $78.07. Chances are it may extend to $81.


A break below $78.07 may be followed by a drop to $77.16.