SINGAPORE: Signals are a bit mixed as US oil is consolidating in a narrow range of $77.62-$79.75. Even though the contract briefly pierced above a falling channel, its current sideways move means an escape from the channel is very unlikley.
Until oil stands firm above $79.75, it is still likely to fall into the channel and resume its downtrend.
A break below $77.62 could confirm the continuation of the trend, while a break above $79.75 could drive a gain into $81.07-$82.30 range.
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