TECHNICALS-US oil may test resistance at $62.91

SINGAPORE, Jan 28 (Reuters) - U.S. oil CLc1 may test resistance at $62.91 per barrel, a break above which could open the way towards the $63.32 to $63.56 range.

The contract has climbed above a rising channel. A duplicated channel suggests a target of $64.62, which seems to be too far away to be realistic.

A projection analysis on the wave c from $60.16 reveals a proper target zone of $63.32 to $63.56. Immediate support is at $62.54, a break below which may trigger a shallow correction to $61.86.

On the daily chart, the contract has broken a resistance at $62.12. The break opened the way toward the $63.73 to $65.34 range. A rising trendline points at the target of $65.34.

So far, the rise seems to be a bounce against the downtrend from $70.55. The higher the market climbs, the more likely the bounce is against the longer trend from $78.40.

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.