TECHNICALS-US oil may rise to $64.62

SINGAPORE, Jan 29 (Reuters) - U.S. oil CLc1 may break a resistance at $63.97 per barrel and rise to $64.62.

A channel technique suggests a target of $64.62, the 161.8% projection level of a wave c from $60.16. The rise so far has been steady and healthy, moderately disrupted by shallow corrections.

Immediate support is at $63.32, a break below which may trigger a fall into $62.54 to $62.91 range.

On the daily chart, the contract has more or less broken a resistance at $63.73. It may rise toward $65.34 to $67.33 range. A rising trendline points at the target of $65.34.

The current rise has been classified as a bounce against the downtrend from $70.55. The higher the market climbs, the more likely the bounce will evolve into an extension of the uptrend from $55.30.

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.