TECHNICALS-US oil may retrace to $62.88

SINGAPORE, Feb 5 (Reuters) - U.S. oil CLc1 may retrace to $62.88 per barrel, as a bounce from $61.12 may have completed.

The bounce adopted a typical corrective wave mode, consisting of three small waves. It is the second part of a correction from $66.11.

The current part of the correction may extend to $61.12. The bottom of the wave b at $62.88 serves as a realistic target. Resistance is at $64.07, a break above may lead to a gain into the $64.43 to $64.80 range.

On the daily chart, a five-wave cycle from $54.98 has completed around the resistance of $66.63. Despite the consecutive gains on Tuesday and Wednesday, the market failed to climb above a key resistance at $66.63.

The failure could be due to an incomplete correction from $66.48. The correction may extend to the bottom of the wave d at $58.70.

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.