U.S. oil may retrace into $80.08-$81.52 range

• Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - London Stock Exchange product.

A break above $83.84, now a resistance, may lead to a gain into the $85.72-$87.60 range. On the daily chart, a three black crows pattern formed between July 24 and 28, confirming a reversal of the uptrend from $67.04 and suggesting a further drop below $79.04.

With the bounce having lost its momentum around $86.41, the market may retest the support at $79.04.

SINGAPORE, July 30 (Reuters) - U.S. oil CLc1 may retrace into a range of $80.08-$81.52 per barrel, following its failure to break resistance at $85.72.

The failure marked the completion of the bounce from $77.76, or the first round of this bounce. The market has also broken a support at $83.84. The next support will be at $81.52.