TECHNICALS-US oil may test support at $65.23

SINGAPORE, Feb 23 (Reuters) - U.S. oil CLc1 may test a support at $65.23 per barrel, a break below which may trigger a fall to $64.65.

A temporary top formed around the January 29 high of $66.48. The market is experiencing a correction, which could be considered a pullback towards a wedge.

The pullback is expected to extend into the $64.65 to $65.23 range. The uptrend may resume, upon the completion of the pullback, as the wedge suggests a target around $69.

Immediate resistance is at $66.16, a break above which could lead to a gain into $66.74 to $67.14. On the daily chart, the contract failed to break a resistance at $66.63.

The failure has triggered a correction towards $63.86. It must be noted that the uptrend remains intact within a rising channel, which indicates a target of $69.39.

The trend may resume upon the completion of the correction.

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.