SINGAPORE: US oil looks neutral in a range of $98.99-$100.14 per barrel, and an escape will point a direction.
The range has been formed by the 76.4 percent and the 61.8 percent Fibonacci projection levels of a downward wave C that started at the April 16 high of $104.99. The projection is based on the length of the preceding wave A that fell from the March 3 high of $105.22.
A break above $100.14 could lead to a further rebound to $101.07, the 50 percent level, while a drop below the May 1 low of $98.74 will confirm both a break below $98.99 and a target at $97.14, the 100 percent projection 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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