TECHNICALS-US oil may retest support at $65.23

SINGAPORE, Feb 26 (Reuters) - U.S. oil CLc1 may retest support at $65.23 per barrel, a break below which may trigger a fall into the $64.29-$64.65 range.

The contract failed a few times to break resistance at $67.14. The failures led to the formation of a small triple-top, which suggests a target around $64.

Resistance is at $66.16, a break above which may trigger a gain into the $66.74-$67.14 range. On the daily chart, the contract faces resistance at $66.63.

Even though the uptrend from $54.98 looks steady within a rising channel, the market seems to have started a correction towards the support at $63.86, which is strengthened by the similar one established by the channel.

The uptrend is expected to resume upon the completion of the correction. A break above $66.63 would trigger a strong surge into the $69.39-$72.82 range.

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.