A break above $60.04 could lead to a gain into $60.94- $61.75 range, while a break below $58.80 could open the way towards the zone of $57.02 to $57.83.

The bias could be towards the downside, as a wave C from the April 6 high of $60.90 looks incomplete. It is expected to travel below the March 23 low of $57.25.

On the daily chart, oil is stuck in a wider range of $57.88-$61.74. The bounce from the April 5 low of $57.63 looks so weak that it may end around $59.81. As a result, oil is more likely to break $57.88 and fall towards $55.50.

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