TECHNICALS-US oil may revisit Wednesday low of $59.19

SINGAPORE, Jan 15 (Reuters) - U.S. oil CLc1 may revisit its Wednesday low of $59.19 per barrel, as a correction from $62.38 looks incomplete.

The correction consists of three waves. The current wave c is expected to travel to the bottom of the wave a at $59.19. The preceding rise from $55.76 is composed of five waves.

The bottom of the wave (2) at $58.45 serves as a lower target of this wave c, once the support at $59.07 is broken. Resistance is at $60.82, a break above which could lead to a gain into the range of $61.42 to $61.92.

On the daily chart, the resistance at $61.64 triggered a pullback towards the lower channel. The pullback may end above $58.12.

The rise is expected to resume, upon the completion of the pullback, as the upper channel suggests a target of $65.02, which is yet to be fulfilled.

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.