TECHNICALS-US oil may revisit Jan. 29 high of $66.48

SINGAPORE, Feb 19 (Reuters) - U.S. oil CLc1 may revisit its Jan. 29 high of $66.48 per barrel, as about 76.4% of the fall from this level has been reversed.

The reversal suggests a continuation of the uptrend from $54.98. A wedge is taking shape, resembling a bullish continuation pattern, indicating a target of $69.

The wedge is part of a more bullish pennant, along with the rise from $55.76, indicating an aggressive target of $73.

Technical signals seem to have factored the coming war between Iran and the U.S. into the prices. Support is at $64.53; a break below that level may trigger a move into the $63.24 to $63.88 range.

On the daily chart, the uptrend remains intact within a rising channel, suggesting a target of $69.39. The market could have accumulated sufficient bullish momentum in the consolidation below $66.63 to break this barrier and rise toward $69.39.

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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