TECHNICALS-US oil may test support at $65.23

SINGAPORE, Feb 25 (Reuters) - U.S. oil CLc1 may test support at $65.23 per barrel, a break below which may trigger a fall into $64.29-$64.65 range.

The contract failed a few times to break resistance at $67.14, which is near another one at $66.48, the January 29 high. The failures led to the formation of a small triple-top, which suggests a target around $64.

The nearest resistance is at $66.74, a break above which may trigger a gain into $67.14-$67.68 range. On the daily chart, the contract faces resistance at $66.63.

The longer the market hovers below this barrier, the more likely it retraces toward $63.86. A break above $66.63 would trigger a strong surge into the $69.39-$72.82 range.

The break will be confirmed when the contract stands firm above $66.63.

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.