SINGAPORE: US oil may rebound to $102.08 per barrel, as it has found strong support at $100.28.
Support is provided by the 61.8 percent Fibonacci retracement on the rise from the March 17 low of $97.37 to the April 16 high of $104.99. Oil has failed twice to overcome this barrier and may not test this level again over the next two trading sessions.
A rebound has been triggered towards the 38.2 percent retracement at $102.08, which will be confirmed as a target when oil climbs above $101.18, the 50 percent level.
A break below $100.28 will open the way towards $99.17, the 76.4 percent level.
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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