TECHNICALS-US oil may test resistance at $60.22

SINGAPORE, Jan 20 (Reuters) - U.S. oil CLc1 may test resistance at $60.22 per barrel, a break above could open the way towards the $60.64 to $61.30 range.

A small wave c from $61.82 may have ended, as it failed twice to travel below a key support of $58.62, its 100% projection level.

Working together with the support is another one at $58.68, the 50% retracement of the uptrend from $54.98 to $62.38. The completion of the wave c also marks the end of a correction from $62.38.

A break below $59.06 may trigger a drop into the $57.81 to $58.68 range. On the daily chart, the drop from $62.36 is classified as a pullback towards a falling channel.

The pullback is expected to complete in the zone of $58.12 to $59.56. A close of the market above $59.56 on Tuesday would strongly indicate the completion.

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.