TECHNICALS-US oil may retest support at $62.52

SINGAPORE, Feb 13 (Reuters) - U.S. oil CLc1 may retest support at $62.52 per barrel; a break below that level could trigger a fall to $61.73.

A wave c from $65.85 demonstrates a strong momentum, as symbolized by the sharp fall on Thursday. It might be as steep as the preceding wave from $66.11.

The support at $62.52, the 61.8% projection level, has triggered a bounce which is classified as a pullback toward a rising trendline.

The pullback may end around $63.15 or extend slightly to $63.50, an estimated resistance level defined by the trendline. Only a break above $63.79 could suggest a continuation of the uptrend from $61.12.

On the daily chart, a shooting star formed on Wednesday was confirmed as a reversal pattern by the deep fall on Thursday. The market is poised to leave a rising channel.

A duplicated channel suggests a target zone of $58.33 to $60.44.

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.

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