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.
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