US oil may retest resistance at $61.56

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SINGAPORE, Jan 14 (Reuters) - U.S. oil CLc1 may retest resistance at $61.56 per barrel, driven by a wave C.

The contract has briefly pierced above a key barrier at $61.10, the 138.2% projection level of the wave C. Chances are high that this wave would extend to $62.01.

A high-low bottom developing from December 16, 2025 low of $54.98 suggests the same target. Support is at $60.54, a break below which may trigger a fall into the $59.63 to $60.19 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.

The current strong surge seems to be driven by a powerful wave C, the third wave of a three-wave cycle from the May 05, 2025 low of $55.30.

This wave is capable of travelling into a wide range of $69.38 to $78.27. Depending on the scale of the forthcoming war between Iran and the U.S., the rise may either complete around $69.38 or extend to $78.27.

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.

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