SINGAPORE: US oil is expected to rise into a range of $104.88-$105.22 per barrel, as it has broken above a resistance of $103.73.
The resistance is at the 100 percent Fibonacci projection level of an upward wave C, which started at the April 2 low of $98.86. The next resistance will be at $104.88, the 123.6 percent projection level, a break above which will lead to a further gain to $105.22, the March 3 high, or to $105.59, the 138.2 percent projection level.
A drop below $103.73 will signal a false break above this level, and the 76.4 percent projection level at $102.58 will be targeted.
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 own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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