SINGAPORE: US oil may seek support at $103.80 per barrel before rising again towards resistance at $105.16.
A wave pattern indicates that oil is riding a wave c, which is capable of extending to $107.36, its 100 percent Fibonacci projection level. However, it has been disrupted by resistance at the 61.8 percent level of $105.16, which at the same time caused a correction towards the 38.2 percent level of $103.80.
A break below $103.80 could trigger a further loss to $102.96, the 23.6 percent retracement.
The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice.
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