TECHNICALS-US oil may extend gains into $60.19-$60.54 range

SINGAPORE, Jan 13 (Reuters) - U.S. oil CLc1 may extend gains into a range of $60.19 to $60.54 per barrel, driven by a wave C.

The contract has briefly pierced above a key barrier at $59.63, the 100% projection level of the wave C. This latest move suggests an extension of the wave C toward $61.10.

A high-low bottom developing from December 16, 2025 low of $54.98 has been confirmed, suggesting a higher target of $62. Support is fixed at $59.10, a break below which may trigger a fall into $58.15 to $58.72 range.

On the daily chart, the contract climbed above a falling channel and a resistance at $58.12. A duplicated channel points to a target of $63.33.

A realistic target will be $61.64, which has been confirmed by a break above the lower resistance at $59.56.

Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

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